A Home Equity Loan will allow you to capitalize on the value in your home and give you access to cash for the things you need. Popular uses for Home Equity Loans include home upgrades, pool installation, debt consolidation, paying medical expenses, and for savvy investors, a downpayment on an investment property.
A Home Equity Loan allows you to borrow against the overall value of your home, less the mortgage amount you still owe. In the states of Texas and Missouri, you're allowed to borrow up to 80% of the total value of your home between a mortgage and a Home Equity Loan.
At ACU we simplify having both a Mortgage and a Home Equity Loan so you only have one payment to worry about each month. Get in contact with our Mortgage Department at 972-494-5328 to learn more about how we make your home loans easier to understand and manage.
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To calculate home equity, determine the current market value of your home from a tax appraisal or realtor quote. Multiply this amount by 80% (for Texas and Missouri residents), then subtract the balance of your mortgage and any other liens against the property. The resulting figure is your available equity.
For example, consider a home valued at $300,000 with a $100,000 mortgage:
$300,000 x 80% = $240,000.
$240,000 – $100,000 = $140,000 in available equity
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We offer a range of rates and terms to meet your needs. Please call our Mortgage Department at the Garland, TX Home Office at 972-494-5328.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
[BLOG POST] The short answer to the question, "Can you use a home equity loan for anything?" is yes. Just because you can, however, does not mean you should.
Getting a home equity loan is a big decision. Although you can use the proceeds for anything (pinball machines, fancy cars or a lifetime supply of candy), you should avoid these pitfalls to ensure your home equity loan provides you with adequate financial benefit. Continue reading...
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