jpkennedy79 Posted September 3, 2006 Report Share Posted September 3, 2006 Is there a required amount of equity you have to have to refiance to another Mortgage? Thanks. Link to comment Share on other sites More sharing options...
Fozzle Posted September 4, 2006 Report Share Posted September 4, 2006 It depends several factors, including your credit score, the type of loan program you're trying to get into, and if you want a cash-out refi. You can check out the sites of different lenders to get more specific info on what's available for your particular situation. Link to comment Share on other sites More sharing options...
firstsource Posted September 4, 2006 Report Share Posted September 4, 2006 There actually is no requirement to have equity. Why are you wanting to refinance?To get a longer term on your mortgage? Lots of people are going from 2 and 3 year ARM's to fixed rate 30 year mortgages. To take equity out of your home?Again, no limit "on paper"*, but in reality it has to be worthwhile when you consider the closing costs involved.*Then there is Texas. Texas has a law that is intended to protect consumers and there the limit is that the max loan for "cash out" is to be at 80% of the value of your home. So, if your home is worth 100K and you owe 75K, you can borrow up to 5K. In general a good idea, but sometimes really is not good for the owner of the home. Charles Link to comment Share on other sites More sharing options...
HomeLoanExpert Posted September 5, 2006 Report Share Posted September 5, 2006 I am wondering if you mean to be asking about seasoning. Some lenders require you be in a home longer than 12 months before refinancing. If a home is worth than the original purchase price, you will still be required to be in the home for a specified number of months before the value can count as equity. Link to comment Share on other sites More sharing options...
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