Our friends went through the preliminary process of getting a home equity loan through Texans Credit Union and they are now looking at other options like refinancing and pulling out cash.
Notes: They are getting 4.2% for 20 years for $100k For the home equity. They have $144k left on a 30 (28) year mortgage at 5%.
I told them to explore refinancing, but Texans Credit Union told them they have a "verbal agreement" on the home equity. Is there anything legally binding them to going through with the home equity loan?
They haven't physically signed or docusigned anything.
Notes: They are getting 4.2% for 20 years for $100k For the home equity. They have $144k left on a 30 (28) year mortgage at 5%.
I told them to explore refinancing, but Texans Credit Union told them they have a "verbal agreement" on the home equity. Is there anything legally binding them to going through with the home equity loan?
They haven't physically signed or docusigned anything.
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