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Texas Home Equity Loans

A Home Equity Line of Credit (HELOC)

 We currently do offer cash out refinances but not HELOC's.

A Texas Home Equity Line of Credit is similar to a credit card. You can borrow money up to your credit limit, and you only get charged interest on the portion that you borrow. You can pay down the balance, then reuse the credit. Most have a draw term, typicaly 5 to 10 years, where you can draw money out, then the loan is paid back over a 10 to 15 year period. You may also elect to refinance the Equity Line and get another 5 to 10 years to use the line of credit.

You choose what you want to do with your home equity line of credit:

• Remodel or repair your home
• Take a vacation
• Consolidate bills such as high interest credit cards
• Buy a vehicle, boat or RV
• Finance tuition or other expense
• Use it as an emergency fund
• Use for business start up or working capital
• Any other purpose you wish
  

There are many features of HELOC loan programs.

• Great Rates: rates can be below the prime rate on some programs.
• Some programs have no loan Fees: No appraisal fee or closing costs.
• Convenient Closings: Some programs allow doc signing in your home.
• Credit lines or maximum loan limits vary with each program.
• Pricing varies with the LTV. In Texas the loan to value is currently limited to 80%.
• Accessing the cash in your credit line can be done by writing a check, charging on a credit card or making a withdrawal at a financial center.
• Some programs have an early termination fee.
• Most HELOC's are variable rate loans. Some programs may offer a fixed rate loan option feature, where you can lock in a fixed rate on all or a portion of your outstanding balance.
• Pricing is based on your Credit Score. These cutoff limits are fairly strict, so if your score is just below the next higher range, you may want to discuss how to improve your score with your loan officer.

A HELOC is usually 100% tax-deductible*, and a good way to consolidate debt, pay for home improvements, new automobiles, student loans or even vacations or weddings.

Texas Home Equity Fixed Rate Loan

You may prefer a home equity fixed rate loan compared to a HELOC. Home equity fixed rate loans offer a wide variety of amortization periods (length of time to pay it back), more choices for people with less-than-perfect credit, fixed rates so your rate can never go up and the interest paid may also be tax-deductible*!

We offer a free, no obligation consultalion. We can help you decide which loan program is best for your needs.

* It is recommended that Customers consult their tax advisor. Not all loan fees or interest payments are tax deductible.

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Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656

NMLS# 304162

We provide service for the entire state of Texas.

Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced mortgage loan origionators for a rate quote or answers to your financing questions.