(1) the refinance of the debt is an extension of credit described by Subsection (a)(6) or (a)(7) of this section; or (2) the adopting the conditions are met: (A) the latest refinance isnt closed up until the basic anniversary of day the newest extension regarding borrowing try closed; (B) the brand new refinanced expansion out of borrowing does not include the improvement of any extra money other than: (i) fund cutting-edge so you’re able to re-finance a debt demonstrated by the Subsections (a)(1) as a consequence of (a)(7) of part; or (ii) actual costs and you may supplies necessary for the lender to re-finance the fresh new debt; (C) the new refinance of your own extension from borrowing from the bank was regarding a primary matter when put in the aggregate overall of your own a great dominating balance of all the most other indebtedness secure because of the appropriate encumbrances out-of listing up against the homestead does not surpass 80 percent of one’s fair market value of your own homestead for the date brand new refinance of your own extension of borrowing is done; and (D) the financial institution gets the manager another written find towards a separate file maybe not later versus third working day following the go out the proprietor submits the borrowed funds app for the bank and at the very least twelve weeks till the date new re-finance of the extension out-of credit was closed: “Your Loan That you require To help you Re-finance Was A property Collateral Loan. [Read more…]