Take
advantage of a Home Equity loan to pay off debts, for home improvement,
college tuition or
for any other reason. A brief note about the difference
between
mortgage refinance, home equity loans (Texas Cash Out), and home
equity lines of
credit (HELOC). All three offer interest rates that
are generally lower than other
forms of credit.
 | A mortgage
refinance is mostly used to get a borrower out of a high interest
rate
mortgage or out of an adjustable rate mortgage and this new loan will
be
used to partially, fully or more than pay off a pre-existing loan
or loans. |
| A home
equity loan or in the state of Texas know as a Texas cash out
loan,
is set up as a refinance loan. Instead of only refinancing your
outstanding
balance, you refinance for more than what you owe. This gives
you access
to additional funds that can be used at your discretion. Texas
cash out loans
have some of the strictest guidelines available. Homestead
owner-occupied
properties can have an LTV no higher than 80% and the homeowner must
have a 12-day waiting period before closing. Second home or
investment
properties can have an LTV of 100%. |
| A home
equity line of credit (HELOC) will be set up as a second
mortgage
and it will not affect your existing mortgage. With this type of
loan you will
have to pay two separate mortgage payments. Texas cash out
guidelines
apply to this type of loan. |
APPLY
NOW and
get pre-qualified, let a loan specialist assist you with making the
decision of which mortgage loan program is best for your financial needs |
