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Home Equity Loans
The Texas Home Equity refinance loan allows you to refinance your current mortgage and cash-out
the equity in your home up to 80% of the value of your home. Your homes value will
be based on an appraisal of your property.
You can payoff your current mortgage & closing costs and receive cash from the loan. In some
cases it may be necessary to have the title company pay off some of your debts with the cash
when the loan funds, so you qualify for the loan.
Notes:
- Texas law states that once you have a home equity loan it can only be refinanced
with another home equity loan. Even if you aren't taking any more cash out of your home.
- A home equity loan cannot be refinanced for 12 months from the date of closing.
- Submit your
loan application online.
- Review, sign and return your loan papers and documentation to us. (Papers need to be returned
within 72 hours of receipt of papers)
- Your rate can be locked when we have completed an acceptable appraisal.
- Go to the title company to close your loan.
- You can pick up your check at the title company after the
3-day Right of Rescission
 period.
Click here
to see a general list of the documentation you will need to send to us with
your loan papers.
Conforming Loans
Conforming loans are limited to $417,000 and must be approved using Fannie Mae's automated
underwriting system. Below is a general list of guidelines for our conforming Texas Home Equity
loans. If you don't find the information you are looking for, please
email
us your questions for further help.
| Occupancy |
Unit |
Max. LTV |
Max. Loan
Amount |
Cash-out
Limit |
| Primary Only |
1 |
80% |
$417,000 |
$417,000 |
- Closing costs - Limited to 3% of the new loan amount by state
law. This does not include escrows. On smaller loan amounts this may require us to increase
your interest rate to cover closing costs in excess of the 3% limit.
- Credit Scores - Our automated underwriting systems will determine
if credit scores is sufficient for approval, however, credit scores below 740 now require
a price adjustment to the rate. Minimum credit score allowed is 620.
The following adjustments are to the points. As a rule of thumb, 0.375% in points equals
about 0.125% in the rate. So if you have to add 0.75% pt. your rate will go up about 0.25%,
i.e., 7.0% to 7.25%.
Credit Score Adjustments to Points
All Loans with terms > 15 years (1) |
LTV's
(Loan to Value) |
Credit Scores
(Lowest middle score of 3 or lower score of 2) |
| 620 - 639 |
640 - 659 |
660 - 679 |
680 - 699 |
700 -719 |
720 - 739 |
>739 |
| < 60% |
0.50% |
0.50% |
0% |
0% |
-0.25% |
-0.25% |
-0.25% |
| 60.01 - 70 |
1.50% |
1.25% |
1.00% |
0.50% |
0.50% |
0% |
0% |
| 70.01 - 75 |
3.00% |
2.50% |
2.00% |
1.00% |
0.50% |
0% |
0% |
| 75.01 - 80 |
3.00% |
3.00% |
2.50% |
1.50% |
0.75% |
0.25% |
0% |
| 1) Minimum credit score is
now 620. |
Additional Credit Score Adjustments to Points
Texas Cash-out Loans - Primary Residence |
LTV's
(Loan to Value) |
Credit Scores
(Lowest middle score of 3 or lower score of 2) |
| 620-639 |
640-659 |
660-679 |
680-699 |
700-739 |
>739 |
| < 60% |
0.25% |
0.25% |
0.25% |
0% |
0% |
0% |
| 60.01 - 75 |
1.25% |
1.25% |
0.75% |
0.75% |
0.625% |
0.25% |
| 75.01 - 80 |
2.75% |
2.25% |
1.50% |
1.375% |
0.75% |
0.50% |
| Minimum credit score is 620. |
- Interest Rates - Home Equity rates run about 0.25% higher
than regular rate/term refinance rates. See Rate Table below.
- Maximum LTV - Cash out the equity in your home up to an 80%
LTV.
- Minimum Loan Amount - $85,000+.
- Property Size - Strictly limited to properties with 10 acres
or less.
- Property Types - Texas primary residence only. Must be registered
as your homestead. 1 unit, Single Family Homes, townhouses and condominiums. No Doublewides
or mobile homes.
- Bankruptcy or Foreclosure
Chapter 7
You must wait 4 years from the discharge date.
Chapter 13
2 years from the discharge date or 4 years from the dismissal date..
Foreclosure
You must wait 4 years from the date of the foreclosure.
Short Sale
4 years from the date. of the sale.
NOTE: After a bankruptcy be sure to check your
credit report for errors and correct inaccurate information. This can make a big difference
in your credit scores and loan approval.
Note:
Guidelines subject to change without notice.
Additional guidelines and restrictions may apply.
Submit your loan application for approval.
30 Year Fixed Loans
30 day lock. |
15 Year Fixed Loans
30 day lock. |
| Rate |
Points |
APR |
Rate |
Points |
APR |
| 4.250% |
1.211% |
4.419% |
3.750% |
0.764% |
3.975% |
| 4.375% |
0.411% |
4.477% |
3.875% |
0.213% |
4.019% |
| 4.625% |
-0.019% |
4.566% |
4.000% |
-0.101% |
4.098% |
Notes:
Max. LTV on
Texas Home Equity Loans = 80%.
SFR, 1 unit, 10 acres or less.
Minimum loan amount - $85,000, Max $417,000
|
Adjustments:
See Credit Score Adjustments below. |
Credit Score Adjustments to Points
All Loans with terms > 15 years (1) |
LTV's
(Loan to Value) |
Credit Scores
(Lowest middle score of 3 or lower score of 2) |
| 620 - 639 |
640 - 659 |
660 - 679 |
680 - 699 |
700 -719 |
720 - 739 |
>739 |
| < 60% |
0.50% |
0.50% |
0% |
0% |
-0.25% |
-0.25% |
-0.25% |
| 60.01 - 70 |
1.50% |
1.25% |
1.00% |
0.50% |
0.50% |
0% |
0% |
| 70.01 - 75 |
3.00% |
2.50% |
2.00% |
1.00% |
0.50% |
0% |
0% |
| 75.01 - 80 |
3.00% |
3.00% |
2.50% |
1.50% |
0.75% |
0.25% |
0% |
| 1) Minimum credit score is
now 620. |
Additional Credit Score Adjustments to Points
Texas Cash-out Loans - Primary Residence |
LTV's
(Loan to Value) |
Credit Scores
(Lowest middle score of 3 or lower score of 2) |
| 620-639 |
640-659 |
660-679 |
680-699 |
700-739 |
>739 |
| < 60% |
0.25% |
0.25% |
0.25% |
0% |
0% |
0% |
| 60.01 - 75 |
1.25% |
1.25% |
0.75% |
0.75% |
0.625% |
0.25% |
| 75.01 - 80 |
2.75% |
2.25% |
1.50% |
1.375% |
0.75% |
0.50% |
| Minimum credit score is 620. |
Additional adjustments & restrictions may apply <> Contact us for an
analysis and estimate
Notes
for rates |
It's real easy to pre-qualify. An analysis and estimate will be emailed to you. Just
click here to get started.
Lock your rate at 888-623-7083 or in Austin
call 259-7788...
Rates are subject to change without notice until locked in.
Rates on this Page Last Updated:
07/29/2010 2:22 PM
Refinance Loan Application - This is a complete loan application and purchase
questionnaire. It should take from 15 to 30 minutes to complete.
- Click
here
for a general list of information needed to complete your application.
- After reviewing your application and credit report, your loan will be submitted
for Automated Underwriting prior to calling you to discuss your application unless
additional information is needed from you.
- The results will be emailed to you with an estimate for your review. Rates are subject
to change until locked in. Please call our office for details
about locking your
rate.
- Your complete loan application and disclosure forms will be overnighted to you
for your review and signatures, along with copies for your records. A written list
of the required documents needed and a return overnight envelope will also be included
for you to return the documents to us.
- The only upfront costs to you are the credit report/AUS fee($50) & the appraisal
fee($405+). Click
here
for more details on the loan process.
Pre-Qualify
- This is a short form that only takes a few minutes to complete.
- It will give us the info we need to pre-qualify you according to your income,
debts and funds available for down payment and closing costs.
- The results will be emailed to you with an estimate for your review.
- The Pre-Qualify form is primarily designed for borrowers with good credit since
NO credit report will be pulled with this prequalification.
Email or call us if
you need additional information.
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Fax:
512.259.4408
