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Mark, Milo55, in Texas, because we are a homestead state, they limit the amount of a home equity loan at 80 % of home value minus the outstanding balance of the first mortgage (as Milo55 stated). Additionally, if you take a loan out as a home equity loan, that loan type remains a home equity loan, even if you refi the two loans together (combining the first mortgage with a home equity loan) for a lower interest rate or better terms. It stays as a home equity refi until the loan is paid off (either in a house sale, or by actually paying the mortgage off). Happened to me twice on different refi's I did (first was to combine the pool loan with the first mortgage, the second was when I refinanced to get better terms and a 15 year note). In the loan world, I don't know if there is a stigma attached to your primary loan being tagged as a refi for home equity or not. Just thought I'd pass on how things are done down here.
short_stuff
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Y2K F250 CC PSD Auto, Short-bed Lariat, Woodland Green/Gold, ordered 07/10/99, born 09/12/99, delivered 10/08/99, Access bed cover, Bed Rug, Zoodad mod, Viper Remote Start Alarm, Fumoto valve, 103K somewhat error-free miles (so far) [never back to dealer for anything]
Repairs: CPS, Water Separator Valve assembly, rear axle bearings, VSS, batteries, brakes, alternator, serpentine belt (x2), driver door pwrlock actuator, water pump
2009 VW Tiguan 2.0 l turbo 200 hp gas engine (TDI engine not available for it yet)
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