Home Equity Loan Texas | Tx Home Equity Rates | Rules 3% | Texas Cash Out Mortgage

March 12, 2008

Home Equity Loan Texas | Tx Home Equity Rates | Rules 3%

If you’re thinking of refinancing your Texas home you may want to consider a Texas home equity loan.  Most of the time people refinance their homes to get a better rate, move from a 30 fixed to a 15 year (or 10 year),  but with a home equity loan you can also pay off  high interest credit cards, car payments, etc.      512.577.2958 or jon@mylendingplace.com

You can also do a home equity refinance on an investment property.

We offer great rates on home equity loans and there’s never an obligation to call us.   We don’t charge application fees.   512-577-2958.

Texas Mortgages and Mortgage Loan Rates

Whether you’re from Dallas, Houston, or Austin, finding the best possible mortgage in Texas can be difficult if you don’t know a little bit about how the different types of mortgage loans work. For example, you may or may not know that:

·  The annual percentage rate (APR) includes the upfront costs of the loan, while the stated rate does not. The APR helps you compare mortgages that have different closing costs.  

It’s challenging to research and understand your mortgage loan and refinance options in Texas.

Texas home equity loans

Home equity loans are second mortgages that carry a fixed interest rate. They’re typically used to raise cash for one-time expenses or to eliminate/consolidate debt.   Our clients usually save $300-$500 per month.  Home equity loan rates in Texas are somewhat higher than first mortgage interest rates. Even so, you might choose a home equity loan over a refinance mortgage if you currently have a low, fixed rate on your first mortgage, or you want to avoid the higher closing costs of a refinance mortgage.

Texas adjustable-rate mortgages

There are many types of adjustable-rate mortgages (ARMs) available in Texas. These mortgage loans start with a low, fixed interest rate that remains in force for a specified time period, usually one, three, or five years. When that specified time period expires, the rate becomes variable, and is adjusted at regular intervals. ARMs are appropriate for borrowers who need the lowest possible payment now, but expect to have the ability to afford a larger payment later.

Compare Texas mortgages

Whether you’re buying a cabin in the Hill Country, or refinancing an urban loft in Houston, your first step is to get familiar with how rates for different loan types compare. You might see that Texas ARMs start with a lower rate than fixed-rate- mortgages (FRMs), or that second mortgages have higher rates than first mortgages or mortgage refinances.

Are you ready to compare the rates and crunch the numbers? Use our mortgage calculators to test different mortgage rates, amounts, and loan types. Don’t forget to consider how long you plan to own the home, and any plans you might have to remodel or consolidate debt. If you’re going to sell within a few years, an ARM with low initial payments might be the right choice.

Once you understand how different loans work, and how much you can afford, visit or call us today.   www.mylendingplace.com

Posted in Texas Home Equity Loan