Financing in Plano>Question Details

Landon, Home Owner in Plano, TX

In Texas can you do a cash out mortgage on a clear home with a guest house that has a separate electric meter.

Asked by Landon, Plano, TX Sat Jun 2, 2012

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Your questions seems as though the guest house is on the same lot as the primary home. If this is the case, and you have the available equity in it, then you should be able to do it. Your best bet is to speak with a mortgage professional about the specifics on the loans available for you.

I would recommend contacting:
Herb Zeiv at Bank of Texas at 972-381-2462
Mark Pfeiffer at Viewpoint Mortgage at 972-792-4294

They are both here locally in the Plano/Dallas area. They are both great professionals that will be able to assist you with all of your questions.

Good luck!

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
0 votes Thank Flag Link Sat Jun 2, 2012
Hi Landon,

Do you have a survey on your current home? It all depends on what your suvey says. The fact that you have two meter has nothing to do with the title or mortgage. A duplex with two meter can be under one mortgage. So personally I dont see a problem. But I would suggest you check with a lender to know for sure.

JP and Associates
0 votes Thank Flag Link Sat Jun 2, 2012

I suggest that you talk to a lender. If you don't have one let me know.


Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sat Jun 2, 2012
Best to speak with the lender many more questions require answers .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Sat Jun 2, 2012
The guest house with the separate meter is on the same lot? Survey shows this?
I don't see a problem.
The guest house having it's own meter doesn't affect title in any way so I would say to go for it.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes Thank Flag Link Sat Jun 2, 2012
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