Home Equity loans in Texas, Rates, Rules, 3%, closing costs, fixed mtg rates

January 8, 2008

Texas Home Equity Loan Rates, Closing Costs, Procedures, Fees, 3% 

Jon Spears

Texas Mortgage Broker, 512-577-2958

Since Home equity loans in Texas are limited to  80% of the home’s appraised value you really have two main options:   You can do a second lien (HELOC) or do the home equity as a first lien.  There isn’t really a hard-and-fast “best” route, since each borrower is unique with different goals and credit profiles.  

For example, most borrowers will go with a HELOC (home equity line of credit) if they have a good existing first lien rate.  Plus most who choose a HELOC do so in order to not pay for title policy and reduce closing costs.  However, HELOCs have higher rates than traditional home equity loans and the rates adjust with market conditions.    Any second lien will have a higher rate than the first lien since delinquencies on second liens are higher than first lien delinquencies.   

Today’s HELOC rates might be attractive, tomorrow’s HELOC is a head-ache if/when rates go up.   Email me for today’s rates:  jon@mylendingplace.com      

This is why I offer most of my clients reduce closing costs Home Equity loans–that are fixed rates, first liens.   Naturally, if a clients needs require a HELOC then we do the HELOC.

In order to maximize the “cash out” to a client, I have bank sources that will pay all title fees, including the title policy.  This way my clients get a 30 year fixed rate that will never adjust.  

Home Equity Application:  https://mylendingplace.securesites.net/application/

Since there are so many different rules on home equity loans in Texas, just call me and let’s go over your options.  There’s never an obligation to see what today’s rates are or to get a copy of your credit report.  We don’t charge application fees and we’ll even give you a free copy of your credit report.

512-996-8194

Jon@mylendingplace.com    

http://www.mylendingplace.com

512-577-2958, we do home loans (and home equity loans) all over Texas.    We don’t charge application fees and there’s never an obligation to talk to mortgage broker. 

Basic Texas Home Equity Rules:

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, Wachovia are just a few of my most popular banks.

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.

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

http://www.mylendingplace.com

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. Rates are so low on home equity rates compared to credit cards.  Plus the interest on a home equity loan is tax-deductible.  

 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 / Equity loan 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?  And call me at 512-577-2958

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.

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

http://www.mylendingplace.com

512-577-2958

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