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"How are Texas Home Equity Loans different from other mortgages and is this right for me?"
Yes, these loans are very different than other loans and very different from similar type loans available in other States. The reason is Texas real estate laws are very different than the other 49 States, which makes our mortgages different.
The mortgage ads you see on TV are for loan products often NOT available for Texas homes.
As a example, in some States, homeowners can have up to 3 mortgages on houses, for up to 125% of the home's value.
In Texas, the limit is 80% of the home's value.
Whether this mortgage make sense for you depends entirely on your specific situation. Some of the consideration include:
- do you have higher interest rate debts which you want to pay off?
- would you benefit from having those debts become tax deductible, by having those debts secured by a home loan?
- would your interest rate for a new refinance be higher or lower than what you are paying right now?
- do you have enough equity in your TX house to justify borrowing against it?
- will you have any difficulties qualifying for a loan today?
These are just some of the considerations which you need to keep in mind when you decide about getting cash out of your house to pay off other debts.
Call or email me, and I will be glad to help you work through this and decide if a "Texas Cash-Out Loan" is right for you.
For TX mortgage pre-qualification, please click on:
Texas Home Equity Loans
"Do I have to refinance my existing mortgage loan to get cash out of my house?"
Depending on your needs and your situation, you may not have to refinance your existing home loan.
If you just need to cash a little equity out of your home, you may be able to just get a second lien and leave you first lien in place. Most loan offices won't offer you this option because they don't make much money off this option.
But you must have high credit scores and good job stability. Depending on your exact situation, this option may allow you to get cash out when otherwise the costs would be too high.
Texas Home Equity Loans--Please feel free to browse my Mortgage Money-Saving Tips & FAQs pages which provide you "insider" knowledge, helping you SAVE.
For mortgage pre-qualification, please click on: Texas Home Equity Loans
For any questions, please call or email me. You can email me by clicking : here.
You can reach me by calling (direct line): Paul Marshall
(214) ???-9626 or Toll-Free at 1 (888) ???-7830.
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