Texas Home Equity Loan
The Texas home Equity Loan enable you to loan up to 80% of your home value, it's different from other states. The limit of home loan fixed to 80% at Texas is to prevent over extension of credit and to protect the economy during the economy crisis.
In Texas, the laws of loans is different from other states. Generally, the Texas laws is specially designed to protect the individuals and their families. Last time Home Loans are not permitted in Texas , but the situation changed from the year 1997. The laws also amended, and it's the strongest consumer protections in the nation.
Some Unique Aspect Of Texas Loans
1) Only once home loan is permitted, some additional financing arrangement may be possible and is depend scenario.
2) The 2nd mortgage is not permitted until the 1st mortgage paid in full
3) regardless how fast the loan be settle, borrower are permitted to take home equity loan once in a year.
4) Land marked / taxed as "open space" or "agricultural" can't be use to secure a home equity loan.
5) Lenders are prohibited to charge the closing cost more than 3% of the loan. If the cost exceed 3%, penalty will be impose and need to correct it immediately.
6) the loan cannot be close & last for 12 days after borrower has made application for the loan and received special notice of the borrower's rights.
7) A loan can be closed only at the permanent office of lenders, a company's title and an attorney's office
8) The loan must be secured by the home only; the additional assets be mortgaged by the lender may not require.
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