Texas Refinance: Home Equity loan mortgage rules, closing costs, 3%
January 4, 2008
Texas Home Equity Loan Rules, Closing Costs, Procedures, Fees, 3%
512-577-2958, we do home loans (and home equity loans) all over Texas. Call us today so we can show you your options. We don’t charge application fees and there’s never an obligation to talk to mortgage broker.
Texas Home Equity Loans have a State-mandated cap on fees of 3%. You also are limited to 80% of your home’s appraised value. So if your home is worth 200K, the maximum home equity loan is 80% or $160,000. If you’re mortagage payoff is $120,000, then you can get a home equity loan for 40K, less closing costs. However, you can borrow more than 80% if you’re doing a cash out loan on your investment property.
As a mortgage broker, I’m licensed for the whole state of Texas. I work with around 15 banks –this allows me to help any client with any credit profile. Perfect credit or so-so credit. Some of my banks like people with perfect credit, others don’t care as much. Countrywide, Wells Fargo, WaMu are just a few of my most popular banks, but I work with much more.
When working with a mortgage broker like Mylendingplace you simply have more options than a retail bank down the street. You also save TIME since talking with me is like calling with 15 banks at once.
Also, mortgage brokers must disclose all our fees.. Banks are not required to do so.
Concerned about the closing costs of a refinance or home equity loan? Some banks will pay most of your closing costs. Call my office at 996-8194 or my cell 577-2958
Debt consolidation home loans: If you have car loans, student loans, credit cards that need to be consolidated into one note, maybe it’s best to consolidate this debt to a single mortgage payment. Plus the interest on a home equity loan is tax-deductible. It doesn’t cost anything to see your home equity options. Just call us at 512-577-2958.
For example, if you’re paying $750 out each month towards car, credit cards, student loans you can (a) continue to pay these debts until they’re gone or (b) consolidate them into your personal mortgage. (Even if the cash out refinance raises your house payment $200/month it’s still better than paying $750, right? ) Once you pay off all your consumer debt this gives you more control or leverage over your finances. It’s easier to create and stay on a budget when you only have 2-3 bills per month vs. 18-20!
I’m not a CPA, but there might be some tax-advantages to any losses associated with investment properties. Call your CPA and find out.
For those of you who have equity in their homes or investment properties ask yourself: Can this equity better serve me?
Is my equity just sitting there growing at 1-2-3-4% when you’re paying high-interest credit cards, student loans and car payments? Even if you don’t have a lot of consumer debt, a cash out loan might be good financial decision. If your home is growing at 1-2-3-4%, maybe you can pull some equity out so you can invest in a home in an area of town that’s growing more rapidly.
Cash out your equity (on your primary or investment), pay off bills, and buy appreciating assets like real estate which you’ll keep until retirement.
If you’re working with the right mortgage professional, they’ll help you view your mortgage as a tool to achieve a greater end; not just give you a fixed rate. You can either just get a debt-instrument (mortgage) or you can structure your financial future with it–it’s really about working with the right people. So ask yourself: Can the equity in my home better serve me?
Home equity loans aren’t for everyone. You may not even have the credit score to qualify, but if you’d like me to show you some options just call me. I don’t charge application fees.
Whenever your considering refinancing your Texas property, you should weigh the costs of the refinance against the benefits. For example, as a mortgage broker, some of my banks pay most of your closing costs, other banks don’t.
As a rule of thumb, if you have a property that’s worth over 200K, it’s probably a good idea to go with a bank that will pay your fees like the title policy as this fee can be around 1% of the loan amount. And it’s probably a good idea ot waive escrows as creating an escrow account will reduce the amount of $ you net from the cash out.
Investment Cash Outs: Texas is a strange bird when it comes to home equity loans. You can actually pull more money out of your investment property than you could with your own home! This is strange because usually mortgage guidelines become stricter when you move from an owner-occupied unit to a non-owner (investment). But this is one example where it’s better to do the loan on an investment property.
As most of you know, I’m a huge advocate of investment property especially in this age of the no-pension, unreliable 401Ks. If you’re self-employed, your 401K/retirement plan will probably be your home, so why have at least one investment property?
If you want more information on doing an investment cash out loans, please just email me at jon@mylendingplace.com or visit http://www.mylendingplace.com. We are licensed for the entire state of Texas. If you have a Texas zip code we can do your home loan or investment equity loan.
Jon Spears
512-577-2958
We are a mortgage broker company licensed to do Mortgage Home loans (Equity loans) in the following Texas Cities:
Houston Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Dallas Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
San Antonio Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Austin Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
El Paso Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Fort Worth Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Arlington Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Corpus Christi Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Plano Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Garland Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Lubbock Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Irving Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Laredo Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Amarillo Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Pasadena Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Brownsville Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Grand Prairie Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Mesquite Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Abilene Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Beaumont Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
Waco Texas Tx Home Equity Mortgage Loan Refinance Closing Costs
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Posted in Texas Home Equity Loans
Serving all of Texas
512-996-8194
Texas Mortgage Refinance Broker
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