Payday lender limits may be borrowing trouble Austin American-Statesman
Austin City Council Member Bill Spelman's proposals to control the presence of payday lenders in the city may ultimately prove to be a test of a municipal government's authority.
Spelman's proposals — one that would use the city's zoning authority to restrict the number of payday lenders in an area and another to regulate their lending practices — are bold, but not groundbreaking. The City of Fort Worth has used its zoning authority to limit the presence of businesses that specialize in short-term, high-interest loans since 2006. In June, the Dallas City Council adopted a stringent set of restrictions on what are known as payday lenders. Included in the Dallas ordinance are requirements that short-term, high-interest lenders register with the city and conditions on the amount of interest payday lenders can charge in Dallas and the number of times a borrower can refinance a loan.
Spelman proposes that the Austin council adopt an ordinance that prohibits lenders from offering cash advances that exceed 20 percent of a potential borrower's gross monthly income. An auto title loan could not exceed 3 percent of the consumer's gross annual income or 70 percent of the vehicle's retail value, whichever is less. Spelman's ordinance would also bar borrowers from refinancing their loans more than three times. Those provisions will have little trouble attracting council support but are sure to draw a legal challenge. The Dallas City Council adopted similar proposals in June and an industry group filed suit in July. The case is pending.
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Texas Cash Out Refinance Laws
Texas Cash Out Refinance;Texas Cash-Out Laws and Loans;Cash Out refinance,Home Equity, Extensions of Credit in Texas,lender in Texas,Texas debt ...
Can you refinance 100% loan-to-value in Texas, and cash out on the equity for home improvements?
Meaning, we owe $99K, can we refinance for $125K?
(to Amanda: 100% loan to value means getting a loan for 100% of the home's value. Just because you owe on a home doesn't mean you owe 100% of what it's worth.)
EDIT: If you really want to get technical Amanda, there is no "a" before 100%. So, it's clarified just fine. You read it wrong. No, I didn't ask if you could refinance a loan that is 100% of the value of my home. Go back and read again.
Texas state law says that the only way you can do a 100% on the first refinance after the purchase but the only way to do that is if you still owe 100% of what the house is worth because you can't get cash out. If you wanted to do cash out you could but you would not be able to go above 80% loan to value due to Texas state law.
EDITED TO ADD:
And I know what 100% Lown to value is. You said, "Can you refinance a 100% loan to value...." Which means that you have a 100% LTV that you want to refinance. So perhaps you need to be more clear if you expect a correct answer.
Yes, you can refinance from 90K to 125K if the home is valued at 125K, but your interest rate may be higher due to the risk and you may end up with PMI, which you probably dont have now. Just some things to consider.
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Loan officers in our network do loans in Texas all the time.
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