Austin House/Mortgage Blog

 Texas Home Equity Loans | “Cash Out” mortgage Refinance | Austin, Texas

Home equity loans are used when you want to borrow a specific dollar amount against the equity in your home, and are available on both homestead and non-homestead properties. A homestead property is generally considered your primary residence in Texas. A non-homestead property is typically a second/vacation home, or a rental/investment property.

One can pull cash out of their primary residence as well as their investment property.  

The money can be used for a variety of purposes, such as refinancing, home improvements, debt consolidation, vacations, and more.

Texas Mortgage Refinance Application

Why a home equity loan may be right for you:

• You may be able to deduct your interest expense on your taxes, just like your mortgage
• The closing cost is typically lower than refinancing your first mortgage
• You may be able to borrow against the available equity in your home, up to 80% of the value of your homestead property
• You may be able to borrow up to 85% of the available equity in your non-homestead property (investment refinance)

http://www.mortgagenewsdaily.com/5132008_Dennis_Lockhart.asp  (Fed Chairman speech)

http://www.foxnews.com/story/0,2933,292010,00.html (mortgage news 30 year fixed rate)

http://www.bloomberg.com/invest/calculators/mortgage.html  (mortgage calculators)

This entry was posted on Tuesday, May 13th, 2008 at 10:20 am and is filed under Home Equity Refinance.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.