Home equity loan

Do you need to tap into your home’s equity to pay for a home remodeling project or to pay off a credit card? We specialize in Texas Home Equity Loans and lines of credit.  A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. The terms home equity loan and second mortgage are often used interchangeably.
 

The process for a home equity loan is similar to your first mortgage. The closing costs (often 2-3 percent of the loan amount) are usually lower and, although the interest rate is higher on a home equity loan, the interest paid is tax deductible.

Even if you have less than perfect credit or require little to no documentation programs, a home equity loan is not impossible to get.  There are many rules for Texas home equity loans which apply only in TX and only to loans which utilize the equity in a primary residence/homestead.  An appraisal will be required on your home to determine the home's market value.