HELOANS
Unlock The Power Of Your Home Equity
Acquest Lending's HELOAN products are the solution to access funds to pay for home improvements, consolidate debt, refinance your existing mortgage or get cash for a large purchase.
Acquest Lending's HELOAN products are the solution to access funds to pay for home improvements, consolidate debt, refinance your existing mortgage or get cash for a large purchase.
Which is better for you—a home equity loan or a cash out refinance? Use our comparison chart to help you consider your goals, the payment schedule, loan amounts, rates and more.
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Comparing Home Equity Loans and Lines of Credit: Understanding Your Options for Unlocking Home Equity
Our mortgage calculators help you hone in on your future mortgage based on options, interest rates, and more.
Understanding the Differences: Home Equity Loans vs. Cash-Out Refinancing for Maximizing Your Home's Value
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A Home Equity Loan (HELOAN) is a type of loan that allows homeowners to borrow a fixed amount of money using the equity in their home as collateral. Unlike a Home Equity Line of Credit (HELOC), which provides a revolving line of credit, a HELOAN provides a one-time lump sum that is repaid over time with a fixed interest rate. Homeowners often use HELOANs for home improvements, debt consolidation, or other major expenses.
In Texas, you can typically borrow up to 80% of your home's appraised value minus any outstanding mortgage balance. For example, if your home is valued at $200,000 and you have no mortgage, you could borrow up to $160,000. However, you must retain at least 20% equity in your home.
No, there is no prepayment penalty on home equity loans in Texas. Texas Administrative Code. An equity loan may be paid in advance without penalty or other charge. A lender may not charge a penalty to a borrower for paying all or a portion of an equity loan early. A lockout provision is not permitted in an equity loan agreement because it is considered a prepayment penalty.
Yes, Home Equity Loans (HELOANs) typically have closing costs, much like other types of mortgage loans. These costs can include fees for things like appraisal, title search, and origination. It's important to discuss these potential costs with your lender to fully understand the total expenses involved in obtaining a HELOAN. However, they are much lower than mortgage closing costs.
Yes, an appraisal is typically required when applying for a Home Equity Loan (HELOAN). The appraisal helps determine the current market value of your home, which is used to calculate the amount of equity available for borrowing. This ensures that both the lender and the homeowner have an accurate understanding of the home's value to secure the loan properly. However, there are often times when we can use an Automated Valuation Model (AVM) instead of a full appraisal, which can expedite the process and reduce costs.