What Are the Home Equity Loan Rules in Texas?

The state of Texas has some very interesting refinance rules. This is especially true if you want to pull out cash or equity in their home.

Two types of mortgage refinance. The first type is called a rate and term refinance. It's just if someone wants to lower their rate or change the terms of the original mortgage loan. For example, if someone has a 30-year 7% mortgage may be refinanced to 5.25%, 15-year mortgage.

In this case, they are not pulling cash out they just changed the speed and / or the term of the original loan. The "refinance boom" (2001-2004) a number of loan officers and mortgage brokers made dozens of degree and duration of the refinance, as mortgage rates fell so low.

Most people, when to refinance their loans if the market price is much lower than the current mortgage rate. A good rule of thumb is when you can save about 1% can make sense to refinance.

The second type is called Texas refinance Refinance Payment. This is when someone wants to pull out cash to the home in addition to lowering or variable or expression.

After Texas banned the ability to pull out cash to people at home, but now allows this as long as the loan meets these criteria:

80% of Texas Payout Rule: This rule states that a loan does not exceed 80% of the assessed home value.

For example, if someone at home is worth $ 100,000, the current mortgage debt than $ 50,000 equity loan can go up to $ 80,000 (80% of 100k). Thus, the borrower's net $ 30,000, less closing costs.

3% rule: This rule states that the total fee can not exceed 3% of the loan value. For example, if you make a 100K equity loan for the total fee not to exceed $ 3,000. This means, broker, title, survey, appraisal, insurance, doc / prep (everything!) does not exceed 3%. This Act was designed to protect borrowers lower loan amounts but in fact punished, making it difficult for those who have small loans to take advantage of the equity.

This is an example of regulation to the contrary, as we originally planned. So for those who are under 100K loan amount, it is very difficult to do a home equity loan state is required by law to purchase a new title policy each time a refinance. Title policies usually run 1% of the loan amount.

However, it is important to note that 3% of the Act do not apply to cash out home equity investment. So it's actually easier to do a home equity loan is a real estate investment, such as owner-occupied real estate in Texas!

12-day rule: This is one of the more specific rules. If you do a home equity loan the loan officer or mortgage broker will ask you to sign a 12-day form. This form is that the loan can not be completed until 12 days after the request. I think the state of Texas wants to be 12 full days to think about the credit!

3-day rule: Then, after waiting 12 days, we are required to wait three days before default. Not to mention a need to look out and sign the final HUD (settlement statement) 24 hours before closing.

So to make things simple: the credit can not be completed in 12 days. Then, as the HUD is prepared to address the corporate borrower (s) must review and sign the HUD 24 hours prior to closing. You can not fund the loan three full business days.

These rules are so often full 30 days to fund a loan payment in Texas.

Oh, and by the way. The final rule ... You should wait for the full 12 months of mortgage credit. So, if a Texas cash out for a year and the price goes up considerably in the home will have to wait a year before refinancing.






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Should Homeowners in Texas Refinance Their Mortgage?

Choosing to refinance the mortgage can be a very difficult task. While the prospect of a lower rate, lower monthly payment, or pull out of your own home may seem attractive to use for other purposes, a number of factors to take into account the homeowner when deciding that the time is right.

The following five factors to consider, that this ruling.

First The most obvious factor is the low interest rates to refinance the interest. Fortunately, mortgage rates are generally lower in Texas than in other parts of the country because of the perceived lower risk in the housing market. If mortgage rates have decreased since the last loan from, or if the fixed exchange rate is relatively low, and is now an adjustable rate mortgage, refinancing may make sense. In the case where the conversion is an adjustable rate loan fixed rate loan, the interest savings would not be that significant, if the primary goal is to remove the risk of rising interest rates in the future budget. The low rate environment, you might, have the opportunity to lower your monthly payment, while the term of the mortgage is about the same. You can be the duration of mortgage refinancing to pay to keep consistent, but allows you to pay off the loan sooner. Any of these options, in addition to interest savings over the term of the mortgage loan amount easily thousands of dollars.

Second Increased Equity in your home Unlike many areas of the country, many Texas residents, especially in South Texas communities such as Spring, Tomball, forests, and Houston also experienced increases in the value of their purchase due to a strong local economy has been further strengthened during the energy crisis in 2007 -08. The home affordability in Texas is high compared to the rest of the U.S., so there will likely be a ready source of customers, such as markets, like Las Vegas or Southern California. Unfortunately, unlike the brokerage account, you can not easily access your equity when you sell your home. Another possibility would be to continue the payments to refinance where you refinance for a higher amount than the current loan portfolio. Since the interest rate on the first mortgage is probably lower than the credit card or other unsecured debt, and likely tax deductible, paying off other debt in a cash out refinance can make good financial sense. Keep in mind there are specific laws restricting the Texas cash-out refinance 80% of the value of the home, including the ability to pursue this strategy will limit the amount of equity in your home. In cases where both the term loan increase or decrease in interest rates, this strategy could allow the monthly payment remains the same, but you must remember that the main additional funding inevitably means that it will increase the total mortgage debt. There is no free lunch!

Third Are you the early years of the early years of the mortgage payment schedule, most of the payment towards the principal, a large tax deduction, but not so great for paying off the loan anytime soon! This, however, makes the most sense to refinance. When the later stages of the loan, the most of your payment goes to principal, thus minimizing the effect of the reduced interest rate. In general, if only in order to reduce the rate of the loan, you're probably best if you work in the refinancing of the first decade of the 30-year mortgage. Alternatively, if you take into account the cash at home, when the first mortgage balance is low, it can be improved without taking into account home equity line of credit or a second mortgage. As noted earlier, the ability to make a cash-out refinance may be limited because state law.

4th He plans to remain in the house in order to maximize the value of refinancing, you need to stay home long enough for interest savings to offset closing costs. For example, if mortgage refinancing will cost you $ 3,000, and monthly payments will be reduced by $ 200, you can only stay in the house, break even 15 months. On the other hand, if the payment is only $ 75 per month goes down, it will take 40 months. While we all believe we will never move, evidence suggests we will. The average homeowner moves about every seven years, so we must keep this in mind when making your decision.

5th There is a large mortgage Balance While many experts also say that it only makes sense to refinance if you can reduce the rate of 1.5-2%, it is not always the case. The larger the mortgage balance, the greater the overall impact of reduced mortgage rates. Since the 1% discount rate may not be offset by the cost of closing a $ 100,000 loan, you borrow $ 400,000 in economic terms. Again, measure the time to recoup the closing costs you will incur total interest savings.






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