Home Equity Loans
A Home Equity Loan is a loan where the borrower simply uses the equity in the home as collateral.
- Get Cash Now
- Low Closing Costs
- Finance Home Repairs
- Finance College Educations
A Home Equity Loan is useful for families to finance college educations, medical bills, home repairs, or maybe a vacation. The home equity loan (and yes we do Fair credit home equity loans too), creates a lien against the borrowers house. In some cases, the interest on a home equity loan is deductible come tax time. Please, consult a tax professional to learn more about this option.
Texas Loans
Texas Home Equity Loans are our specialty. We do many of those and can find the best possible deal for you with the best mortgage rates. Texas law only allows borrowing up to 80% of equity in your homestead property so Texas home equity loans have different requirements than other states.
Closed Home Equity Loan
This type of loan occurs when the borrower receives a lump sum at the time of the closing and cannot borrow further. These types of loans usually have fixed rates and you can usually borrow up to 100% of the appraised value of the home, less any liens. Please note that Texas only allows borrowing of 80%.
Open End Home Equity Loans
This type of loan is a revolving credit loan and sometimes called a home equity line of credit (HELOC). Basically, the borrower can choose how often to borrow against the equity in the property. The interest rate is usually based on the Prime rate plus a margin.
Fair Credit Home Equity Loans are not Complicated
We can get home equity loans approved fairly quickly. Once we get an idea of your needs and what loan is right for you, we can get started and get you the cash you need. Closing Costs are typically lower than refinancing your home and are available in 30 year terms.
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