Article Score0

As I understand it in the state of Texas home owners are only allowed one home equity loan. I have two separate properties, one is my primary residence and one a rental property….some years ago I had my rental property refinanced and in the process received a small amount of the equity. I am now told that I cannot get an equity loan on my primary residence because of the situation with my rental property.

2 Thoughts on In Texas can I get an equity loan on my primary residence, if I have an equity loan on my rental property?
  1. Reply
    Ryan M
    February 4, 2014 at 1:10 pm

    That does not make sense what you are being told. Logic would assume that you can only have one equity loan PER PROPERTY, not per person. I would ask a few different lenders in your state about that

  2. Reply
    linkus86
    February 4, 2014 at 1:57 pm

    If you refinanced the entire loan for a higher loan amount, in order to use some of your equity for other purposes, than you did not get an equity loan on your property. An equity loan is a separate loan (like a second mortgage) that uses the equity for colateral. Therefor, you are free to reach your goal if you can meet the credit requirements. Good Luck

    I also suggest you check that Texas law as it likely limits the number of loans per property, not per person.

    Leave a reply

    Register New Account
    Reset Password