Texas Home Equity Loan (HELOC)
Tap into your home equity for the Safest downpayment source, or consolidate multiple debts into one with the best terms in your favour. Let Lucky Home seize the best offer for home equity loans in Texas.
Interest rate discounts are available on shorter term loans.
A home equity line of Credit is a type of loan where a borrower can use the home’s equity as collateral to obtain the loan. It works like a credit card but takes care of your huge expenses. However, in multiple transactions, you can keep borrowing using a line of Credit over a certain period of time (duration varying as per lender) until you reach your borrowing limit. Then, your repayment period begins. The home equity lenders in Texas allows you to meet your time-to-time financial requirements over a period of time.
Home Equity = Value of Home – Mortgage Amount
Your existing home equity can be a source to achieve your financial goals if you are facing trouble every month with high educational expenses, multiple high-interest debts, and other bunches of financial issues sticking around your head. In that case, you can get a handsome loan to cover everything by using the home equity as collateral and repaying it after a certain period. Consolidate your debts and manage other finances with HELOC. A home equity line of credit is a smart borrowing opportunity for those with a solid plan for a financially secure future. Let lucky home loan experts help you get the best HELOC lender in Texas.
Texas home equity loan requirements |
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Existing equity in home | 15%-20% |
Credit Score requirement | 620+ |
Loan can be used for: | Any legally allowed purpose |
Debt-to equity ratio | Less than 47% |
closing costs | yes |
Number of loans at a time | 1 loan in one calendar year |
Collateral Requirement | NO |
Minimum Loan amount | $20,000 |
Prepayment | Allowed without penalty |
Maximum loan term | 20 years |
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We understand the crucial role of financial planning and calculated risk before applying for loans. Our loan advisors are here to help you settle with HELOC lenders in Texas on the best possible terms and offer the best financing solutions to safeguard your home’s equity for a secure future. Choose your program:
One of the reasons why a HELOC mortgage in Texas is the safest option for you is because it allows you to take credit whenever you need money from your given loan limit. But they don’t charge interest on the full amount, only the amount you actually withdraw. With Texas home equity loan, you also avail the benefits of:
¬ Low interest rate
¬ No fee withdrawal of transaction
¬ No hidden charges
¬ Revolving Credit
¬ Advantages of Tax Deductibility
¬ Flexibility in the usage of the funds
¬ Borrower-friendly terms and conditions
Home Equity Line of Credit is the perfect choice to handle ongoing expenses however, financial planning is crucial in loan success. That’s exactly where our loan advisor gives you a competitive edge. Let us help you scale up the ladder of financial success. Share your requirements with loan advisors right now and get free expert consultations!
You will have to take an amount not below $20,000. The maximum amount you can take for the first lien is $750,000, and for the second lien, it’s $300,000.
Nope, if you want to pay before the due date, there is no penalty for prepayment.
Yes, there is always a moderate risk of house devaluation. If the value of the house diminishes after some period, your loan value may be greater than your house, and you will lose equity. However, this risk can be mitigated since house cases only increase in value.
