Terms of Texas home equity loans

 One of the great things about owning your own home is your ability to borrow against it with Texas home equity loans.  If you have owned your home for a number of years and need some many for home improvement, a family vacation, tuition for your children or want to pay off high interest loans or credit cards, you may consider Texas home equity loans.

In order to qualify for Texas home equity loans, you must live in the property.  Sorry you can’t get one on your rental properties.  It is a closed end loan meaning it is prepaid with equal payments over a fixed period.  The equity in your home is used as collateral to secure the loan.

Texas home equity loans range from a minimum of $4,000 to a maximum of $200,000 or 80% of the equity in your home, whichever is less.  What that means is that the first mortgage along with the equity loan cannot exceed 80% of the current appraised value of the home.  If you require a loan greater than $100,000, you will need to pay for title insurance.