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Sep 28, 2017 - 34 minute read

Quora maximum cash out refinance commercial loan

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Quora maximum cash out refinance commercial loan

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Quora maximum cash out refinance commercial loan

Cash-out Refinance Rules. In Texas, refinance transactions where borrowers wish to receive cash are limited to 80 percent loan-to-value (LTV).

This means a new loan amount cannot exceed 80 percent of the value of a home. A loan-to-value ratio is calculated by dividing the new loan amount by the value of the property. For example, if a borrower seeks a 75,000 mortgage on a home worth 112,000, the LTV would be 67 percent, and allowed under Texas law.

Three Percent Rule. Texas law states that only 3 percent of a new loan amount can be used for specific closing costs. These costs include appraisal fee, broker fee, cost of a survey and title, and underwriting. This rule protects the borrower from being charged excessive fees.

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