WHAT’S SPECIAL ABOUT TEXAS HOME EQUITY LOANS?
1. Total debt, including the home equity loan, cannot exceed 80% of the agreed fair market value of the property. 2. Maximum fees and costs cannot exceed 3% of the loan. Such fees include lender costs, tax reports, title insurance premiums and surveys. 3. 12 days must pass between the loan application and closing. 4. The loan cannot be funded until a 3-day rescission period passes. 5. Borrowers have no personal liability; the property is the only security for the loan. 6. The loan can only be foreclosed judicially. Other loans in Texas can be foreclosed non-judicially.
