Refinance Texas Mortgage?

Our current lender said in the State of Texas laws prevent us from refinancing our current mortgage until is has matured to one year. I cannot find this "law" and want to find out if anyone has any information on it. We purchased the home in Dec of 2007. Our current "Note" states no prepayment penalty for full or partial payments. We have a few rate quotes in the area of 5.875% to 6%, with zero closing costs. Our current rate is 6.875%. We purchased the home in Dec 07 for $155K and financed closing costs for a total loan of $163K - the appraisal (12-07) valued our home at $183K. Thank you in advance for all your help.

Public Comments

  1. You can't afford the home you bought if you need to refinance already.
  2. No there are no such laws, I would find another lender.
  3. No such law. I am employed by one of the largest mortgage brokers in the country. We work with over 350 lenders to bring you the best rates and programs. I welcome the opportunity to help. Please feel free to shoot me an email anytime with any questions you may have.
  4. It isn't a law, but it may be a condition of the current mortgage you are in. Check the terms of the loan and see what it says.
  5. Well, it isn't a law but it's a seasoning requirement put forward by most lenders. They usually prefer to see how borrowers have made their payments on the existing mortgage for the past 1 year and get an idea of their creditworthiness and loan payment ability. Thanks, Jessica, Mortgage mentor Mortgage Community
  6. Hi, I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://d6b0.easyurl.net
Powered by Yahoo! Answers