Texas Lending (TexasLending.com) Discusses Home Equity Loans

TexasLending.com (Texas Lending) offers a home equity loan experience unlike any other in the Dallas-Fort Worth area. Not only does its e-signature capability take a lot of the inconvenience out of the home loan process, the team at Texas Lending provides personalized service that makes the application process easy to understand.

Due to the current economy, many homeowners are choosing to remodel their current homes rather than move. Texas Lending often sees homeowners who have outgrown their home and are interested in adding on. Some homeowners are remodeling basements for extra rooms or redoing kitchens or bathrooms to prepare to stay in a home for the long haul, Texas Lending reports.

According to TexasLending.com Founder and CEO Kevin Miller, home equity loans are available in fixed term or variable term versions. Also called a second mortgage, Texas Lending’s Miller emphasizes that a home equity loan requires a very good credit history, as well as a good loan-to-value ratio. This is where some homeowners are falling short, Texas Lending notes, as home values have dropped and the homeowner is unable to qualify for a home equity loan.

Texas Lending works with customers to determine whether or not a home equity loan is the best fit for them. Not only will a homeowner have to qualify, home equity loans often come with closing costs, which may be difficult for struggling homeowners to afford. Texas Lending also cautions homeowners that appraisal fees and title fees may apply, as well as other miscellaneous fees associated with closing a home. The team at Texas Lending works with customers to determine if these costs can be reduced. Some may even be waived, depending on special offers going on at the time.

Another caution for homeowners, says Texas Lending, is the balloon payment. A balloon payment comes into play when a payee only pays the interest for the term of a loan. At the end of that term, Texas Lending explains, the payee will then be required to repay the balance in full. Texas Lending acknowledges that in some cases this is the best option for lendees, but the mortgage lender must fully disclose the terms of a balloon payment when the borrower closes on the loan.

Texas Lending CEO Kevin Miller knows that a home equity loan can be a great way for a homeowner to afford a major reconstructive project that will increase the overall value of his or her home. And since this can be an attractive alternative to buying a new home and putting a current home on the market, Texas Lending is committed to helping homeowners secure the best rate possible on a new home equity loan.

For more information, visit Texas Lending online at http://www.texaslending.com

4100 Alpha Rd. Suite 400
Dallas, TX 75244
NMLS# 137773
NMLS# 138112