- Structure
- One lump sum, second lien
- Rate
- Fixed
- Texas limit
- 80% combined loan-to-value
- Terms
- Commonly 10 to 30 years
What it is
A home equity loan is a second mortgage paid out all at once. The rate and payment are fixed, and your first mortgage stays in place.
How it works with a broker
You receive the full amount at closing and repay it in equal monthly payments. Because the rate is fixed, the payment never changes.
The same Texas homestead rules apply here as on a cash-out refinance, including the 80% limit and the 12-day waiting period.
Common questions
Home equity loan or HELOC?
Choose the loan if you know the amount and want a fixed payment. Choose the line if you want flexibility to borrow over time.
How long does it take?
Texas requires a 12-day waiting period after you receive the required notice, so plan on a few weeks from application to funding.
Figures shown are typical guidelines and can vary by lender, credit profile and property. They are not an offer or commitment to lend.
Find out what you qualify for.
Answer a few questions and I will come back with real options, usually the same day. It takes about two minutes and does not affect your credit.