Texas Equity Loans
Home Equity Loans are now available in Texas
Recent Laws passed in Texas now allow you to use the equity in your home with a Texas Equity Loan. Now you can put in that swimming pool you've always wanted, take that dream vacation, pay for your children's' college education, or use it for anything that you choose.
Here are some highlights of the new Texas law
- the law allows you to borrow no more than 80% of the fair market value of your home
- the law requires a 12-day "cooling off" period before closing and an additional 3-day period after closing to rescind the loan without penalty, just like a home improvement loan
A Home Equity Loan is a lump-sum loan for a one-time use. Home improvements and repairs are very good reasons to consider a Home Equity Loan. Unlike most loans, a Home Equity Loan offers you the option of selecting a repayment term of up to 15 years, making this service ideal for a major home improvement project.
Another major use of home equity loans is for debt consolidation. Paying off those high rate credit cards can save you money. Because of interest rates and repayment term differences, paying on various loans and credit cards can total up to a bigger monthly amount due than if you pooled all that debt into one loan, with one rate and one monthly payment. "That frees up cash flow,"
You can use home equity loans for any purpose. You can finance a business start-up, pay for a wedding, cover college costs, fund a vacation, meet an unexpected financial emergency, and more.
One reason home equity loans make good financial sense is because of the tax deductions usually available. Your tax adviser can help you determine if you're eligible for such deductions.
|
