TexasLending.com to Present a Mortgage Test on KLIF AM Radio DigitalJournal.com (press release)
(PRWEB) August 06, 2011
Kevin Miller of TexasLending.com, a Texas home loan and mortgage company specializing in Texas refinance loans and Texas reverse mortgages , will be having a mortgage test for listeners to test their knowledge of the current housing market and the requirements to get into a home, to refinance, or to get a home equity loan on his weekend radio show. The big swings in the market this week and how that impacted mortgage rates for a 15 year mortgage drop to the lowest on record will also be discussed. In Dallas/Fort Worth the show can be heard Saturday on AM 570 KLIF from 1:00 p.m. to 2:00 p.m.
"After our home buyers seminar this past week we found that most people have no clue about the guidelines and requirements to qualify for a mortgage. We will fix that this week on the show" commented Kevin Miller.
TexasLending.com has been on the air for over 10 years to educate the consumer about home loans in Texas . Listen in each week as the CEO of TexasLending.com, Kevin Miller, and his co-hosts, discuss the behind the scenes information about the mortgage industry that will help you in making an informed decision about your home loan now and in the future.
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Texas Home Equity Loans - TexasLending.com
At TexasLending.com our talent is low home mortgage rates. Visit us at www.TexasLending.com to find out how we can help you with your home loans ...
I have a home equity loan. In Texas, the 2 parties must agree on a fair market value. If not, is my loan null?
I have a home equity loan, which is going into forclosure. I started looking at the original loan papers and the Texas Constitution's articles about mortgages, trust deeds, leins, ect. In the constitution, it says that both parties (lender and borrower) must agree with a fair market value of the homestead. I found the fair market statement and I was the only party to sign it. Would that make my loan null?
Howdy. I live in Texas and have had a few real estate dealings. It sounds to me like you don't have much of a case. If you signed the FMV form, that's all that necessary, since the lender usually fills the thing out and submits it to you for approval. The lender's signing is an implied agreement, given that they provided the value figures on the form. Remember, lots of things in the Texas Constitution have been amended by legal precedence over the years, without those cases being included IN the Constitution.
Even if you have a leg to stand on with no actual second signature, I would bet that a judge would side with the lender in your case, simply due to that old standard legal mumbojumbo that says "this is what is commonly accepted as proper legal practice".
You might also want to check with your original lien holder to see if they have any input on the lender who holds your second lien. Sometimes, these home equity folks tend to be a little shady in the way they do things. If you call them on it, they may back down from foreclosure or give you some alternatives to losing your house.
Good luck, whatever you decide to do.
FiveStarAuthor@aol.com
(I've edited several books on real estate, so I actually do know something about this subject, though I'm hardly an expert.)
Home Equity Loan Question in Texas?
First of all, I know that I can only have liens for 80% of the value of my home. I also know that I can only take out 1 loan a year. I also know that it takes several days to close. Getting that out of the way here is my question....
I recently put in an application for a home equity loan for bank of America here in Texas. Everything was approved but they said that since my parents co signed for the house, that my parents would need to be off of the warranty deed in order to finalize the loan..... Is this true or is this just a bank of america rule???
I talked to other banks and lenders and they say that this is not true and that my parents will just have to sign some paperwork at closing basically saying that they acknowledge existance of the equity loan and share no responsibility.
Thank you for your help!!
People, I am not refinancing! I am doing a home equity loan! I don't want someone to call, I just want a straight answer. I am sorry but I have asked this question 5 different ways and noone seems to be able to give me an answer.
I'm not from Texas, but it makes sense to me. The way I see it, your parents are part owners of the house, correct? And you are trying to get a home equity loan, which is basically a loan with the house as collateral. So that means either they need to co-sign for this home equity loan, or else you have to be the only owner of the house. Either of those scenarios should suffice.
Below are a few websites which may be beneficial to you, hope they help.
It will be interesting to see what others have to say. All I know is that I've been given a lot of bad information by unqualified people.
Bank of America has strict rules that some banks don't consider and that is why we see so many people losing their homes. B of A's guidelines are there for a reason, to protect all their customers.
I know for a fact that you probably are talking to loan originators, processors or even loan officers. All they see are dollar signs coming at them so they are not your best bet.
The Underwriter is the one who sets conditions and who sees to it that the loan is given to qualified customers. That said, the Bank of America Underwriter does not want to put an unecessary burden on your parents or on you for that matter. Please see that this is a courtesy which is not often given.
Since your parents are on the Warranty Deed, all parties need to qualify for any loans taken out since the Warranty Deed is the collateral (house).
can you do a home equity loan in texas with a power of attorney?
It depends on if it is a limited power of attorney, or a full power of attorney. If it is limited, it depends on the stipulations listed.
howto get a secured Home Equity Loans in Texas?
With an area of 268,581 square miles, Texas is second to Alaska in topographical area and second to California in population density. That is often understood in how real estate and home mortgages are such big business in this southwestern Great Plains.
There’s no shortage of home equity loans in Texas. Ever since Texas declared its independence from Mexico from 1836, Texas had been a favorite destination for puritans and pilgrims. Texas still attracts home seekers to this date, especially when the land is known to produce such quantities of cotton and oil.
Recently, a number of home equity loan holders have doubled since the 1997 constitutional amendment of the Texas decree for home equity. The constitutional amendment allowed a wider used of home equity, resulting to more home equity loans in Texas to be released. Based on a survey of home equity loans in Texas, the value was around $36,750 from 1998 to 2000. And the succeeding years, the home equity loans in Texas jumped to more than $47,000.
Whenever there is huge demand for houses and lots, you can be sure that realtors and mortgage brokers follow suit. So if you’re a Texan wanting to ‘sell’ or a home seeker wanting to root, there are lots of home equity loans in Texas that can really help you out, especially the presence of the new constitutional amendment to sweeten the deal. So don’t pass it up. Get your home equity loans in Texas now.
Like Wachovia Lending Center. This equity lender is a nice choice for Texan credit and loan products. Whether you’re seeking a permanent Texas residence, or shopping for a new car or funding your children’s educational expenses, a good financial support can be achieve by a Wachovia home equity loan in Texas. So contact them today at 800-922-4684 or just log on their website at www.wachovia.com
I have a house worth about $8000 and I have bad credit.Will i qualify for a home equity loan?
I live in Texas.I need to do home improvements.
its not a trailer.I dont have any credit cards either.
I don't owe it
I believe that s how much its worth because thats what my tax statement says.Is this the value?
I work for a lender and our minimum loan amount is $40,000. Anything less than that is a total waste of time.
Even if you found a lender, equity lines are typically capped so max you could get would be probably 6K- that will get you maybe a new fridge and roof.
Also if your home is worth that much I assume it's some type of mobile home- 95% of lenders no longer will give you financing on a mobile home because they lose value so quickly.
I assume you mean $80k correct?
If you are truly looking for the loan to make needed home improvements there may be a way. First I want to tell you, very briefly, about the state of the Home Equity lending environment. Even for borrowers with the best credit, the home equity market has all but gone away. There may still be a few local banks lending 2nd mortgages and equity lines but you will find the qualification process quite rigorous.
There is the possibility of hope for you though. Many States, Counties and local Municipalities offer grants for people who have needed home improvements to be done. You can have your house evaluated and get a check to cover the cost of the improvement(s) provided the contractor is approved with the Guarantor. These grants are attached to your home as a second mortgage and will generally be forgiven after a period of time, 5-years, 10-years, etc, depending on the terms of the grant. If you sell or refinance your house prior to the grant term, you must pay it back as if it were a loan.
Start out by checking with your local Housing Authority for grant availability. If there are any funds available they will point you in the right direction.
Best of Luck!
In texas if you don't have a 1st mortgage on home but have a Home equity Loan can you get 2nd Home equity loan
From my understanding of Texas rules... Once you have obtained a Texas Home Equity Loan on your primary residence you are forever in a Texas Home Equity Loan. You can only cashout up to 80% of the value of your primary residence in Texas no matter the value and the most a mortgage company can charge is 3% of the loan amount for all fees including origination, processing, appraisal etc..
Home was flooded by Hurr. Ike. I have a home equity loan /force-placement Ins. How can I get a policy to read?
My home was flooded by Hurricane Ike in Texas. I have a home equity loan with a credit union. My homeowners, flood and wind insurance lapsed. The credit union took out force placement of insurance. I did not have any policy information or description of what type of coverage and for what $ amount the home was insured prior to Hurricane Ike. Intially, following Hurricane Ike I contacted the credit union to seek information on what I should do following a storm. I was told that I did not have any insurance, the credit union was the insured and I hung up without any answers or guidance. After the city began allowing homeowners to return to their homes. I arrived to a home that had been flooded with about 3 1/2ft. of water. I called the credit union and spoke with a supervisor in the mortgage dept. I explained the damage to the home, again, I was told the same statement, you are not insured, the credit union is. I asked her to put that in writing so that I could contact other agencies for help. This supervisor said she would send the letter to my email. I have never received such a letter.
I hung up the phone, understanding that my property had no Ins. coverage. Demolition and clean up began on my property that day.
Later in the month I called the mortgage dept to ask how I could be released from force placement insurance. During the conversation with a secretary I was then informed that I could file a claim on my property from Hurricane Ike. I then found out their was a flood and wind policy.
I was given the number to call to place a claim with this Insurance Co. I asked for a description of coverage and a policy. I was able to get the $ amount on the coverage. But to this date, I still can not get the credit union or Ins. company to forward a policy to me. I don't know if I have actual cash value or replacement cost value.
My question is since I am paying on the policy should I be able to have a policy to read.
I have not been late on my mortgage payments and my forceplacement ins. is escrowed.
To complicate matters I was told that I have one of two options on my property. The credit union may allow me to make repairs or based on the amount of damage the insurance adjuster determines on his report. The credit union may make the decision to apply the amount of the check from the insurance company to the loan balance. This would leave me a home that is damaged and a monthly mortgage payment.
What do you think?
You can't get this policy, it's not yours. And it doesn't matter, because this policy doesn't cover YOU, or YOUR STUFF. It only will pay the MORTAGE company. And THEY won't fix your house with it.
Although you pay for forced placement coverage, it's not your policy, and you are not covered. You are not entitled to a copy of it. You cannot put a claim in on it, and you will not get paid. It's neither replacement value or actual cash value, as it only covers up to the loan balance. If you read the documents on it, you'll most likely see that they all say, "this does not protect you, or your interests". That's why it's NOT a good idea to rely on forced placement coverage.
Yes, you very well could be left with a damaged home, and a monthly mortgage payment. Yes, it's entirely up to the credit union, if their policy is going to reimburse you for repairs, AFTER THEY ARE MADE, or not.
This is how forced placement coverage works. It is NOT a substitute for insurance, for YOU.
I venture that this force placed insurance had no contents coverage either, so your possessions will not be covered.
I'm thinking that you incorrectly assumed that this coverage is the same type of insurance which you would have purchased. Generally, it is not, and is only there to protect the lender's investment.
What's the difference between a home equity loan and a home equity line of credit?
Are both legal in Texas?
A home equity loan is where you borrow a certain amount of money one time. For example, $20,000, the lender then amortizes that over a period of years with equal monthly payments as these are typically fixed rate loans. You pay the loan down but may not borrow it back. The equity line of credit is an actual line of credit meaning you may get a $20,000 line however, you can pay it back and borrow back up to the $20,000 at anytime. Typically these are interest only payments for the first 10 years and then amortized over 15 years after that. The interest rate on these is typically Prime (currently 8.25%) + a certain percentage over that. This rate is adjustable a fluctuates with Prime. Yes both are legal.
Can you refinance 100% loan-to-value in Texas, and cash out on the equity for home improvements?
Meaning, we owe $99K, can we refinance for $125K?
(to Amanda: 100% loan to value means getting a loan for 100% of the home's value. Just because you owe on a home doesn't mean you owe 100% of what it's worth.)
EDIT: If you really want to get technical Amanda, there is no "a" before 100%. So, it's clarified just fine. You read it wrong. No, I didn't ask if you could refinance a loan that is 100% of the value of my home. Go back and read again.
Texas state law says that the only way you can do a 100% on the first refinance after the purchase but the only way to do that is if you still owe 100% of what the house is worth because you can't get cash out. If you wanted to do cash out you could but you would not be able to go above 80% loan to value due to Texas state law.
any advice on getting a home equity loan , we are about to be foreclosed on..?
I would like to avoid foreclosure, we are behind about 5,000, on top of other bills I need to get paid off. We both took a job loss and then a paycut!
So, anyone else have this happen and any advice on how to do this?
PS im in texas. I've been im my house for 3 years and I have good equity!
Talk with your current lender first! Sometimes they will help you. They would rather avoid the cost of going through the process and keep your loan.
If not, you need to touch base with some local lenders in Texas. Contact some mortgage brokers (not Banks - they won't be able to help) Check out CountryWide, they have some good subprime products and they may be able to help. But don't limit yourself to just this company. If you need more names, email me.
1) Have all your paperwork in front of you when you call anyone.
2) Choose only one of these people to pull your credit. make sure, before you have your credit pulled that they will provide you with a Consumer copy of your Credit Report which will also include your scores.
3) Get Good Faith Estimates (GFE) before you select who you go with. If you think it may be too good to be true, have them cut and paste the Underwriting Guidelines about credit requirements and foreclosures pending.
If you need more help don't hesitate to email me.