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A home equity loan is a one-time loan for a fixed dollar amount, at a fixed interest rate, with a fixed term of repayment. This type of loan has a pre-determined monthly repayment amount and an amortization schedule for up to 15 years. Home equity loans are great for specific, one-time purchases like a new car or a home remodeling project.

Example of TX Home Equity Calculation

      $200,000  Current Value

X      80%         Loan to Value Limit

=    $160,000   Potential Equity

–     $100,000   Current Mortgage

=    $  60,000    Maximum Equity Available

The Texas Difference (80% LTV Rule)

In Texas, the state requires that the sum of a home equity loan plus any other mortgage balance the homeowner has MUST be equal to or less than 80% of the home's appraised value. In other words, what you have left to pay on your mortgage loan, plus any other loans you have borrowed against your home can't be more than 80% of the current market value of your home. If we look at the example and take the current appraised value of the home, which is $200,000, 80% (the Texas limit) of that is $160,000. Subtract what you still owe on your mortgage $100,00 and your equity is $60,000. That would be $60,000 in equity that you could borrow.

This low-rate financing option is perfect for large expenses like a home improvement project, consolidating high-interest debt, financing a college education or taking a dream vacation.

• Minimum loan amount is $15,000
• Interest may be tax deductible. Check with your tax advisor for eligibility.
• Closing costs due at signing. Please call for details.