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Hassle Free Mortgage and Reverse Mortgage of Texas

Apr 17th 2015 at 5:17 AM

In the state of Texas, everything is bigger, but that does not necessarily refer to the price of homes. Beautiful homes in the state of Texas can be very affordable.

Texas offers a variety of mortgage loans to homeowners, and the Mortgage Rate in Texas

In the state of Texas are comparable to the rest of the nation. An advantage of being a Texas resident is that Texas state laws are more favorable to those buying loans than in other states. There are more benefits provided to homeowners.

Some of the Mortgage Rate in Texas:

· Fixed Rate Mortgage-The fixed rate mortgage is perfect for those who intend to reside in their home for a long period of time. The loan can be 10, 15, 20 or 30 years. What is really beneficial about this type of loan is the fact that your interest rate stays the same throughout the length of the loan.

· Adjustable-Rate Mortgage (ARM)-These loans start off with a lower fixed rate for a certain length of time, anywhere from one to five years, then after that amount of time has elapsed, the rate will change to variable, adjusting periodically. This type of loan is good for those who need to start off low but will be able to pay more with the passage of time, or for those who do not intend to reside in the home for a long period of time.

· Home Equity Loans-Another type of mortgage loan, and the most popular in the state of Texas, is the home equity loan, also known as the Texas cash out loan. This is a second mortgage, and it has a fixed interest rate, which, in the state of Texas, is somewhat higher than a first mortgage rate. With a home equity loan, you can borrow up to 80% of the appraised value of your home. Texas law does state that a home equity loan can only be refinanced with another home equity loan.

A Reverse Mortgage of Texas is a home loan that provides cash payments based on home equity. Homeowners normally "defer payment of the loan until they die, sell, or move out of the home."Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company. The knowledgeable staff has completed comprehensive Reverse Mortgage of Texas training. They ensure you your reverse mortgage will be done correctly, the first time. You will work with one loan officer. They don’t believe in complex phone dialing systems. You will have one, just one, processor who will be in direct contact with you.

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