It normally takes 30 to 45 days to close on a home equity loan. TFB will do everything we can to close the loan as soon as possible.
The maximum amount for a home equity loan will depend on the value of your home and the balance of any other mortgages. The maximum combined loan-to-value is 80% on first liens and 60% on second liens.
Texas has unique requirements for taking equity out of your primary residence homestead. The term “home equity” loans refer to lending on primary residences only. However, we may be able to assist you with a different product such as a cash-out refinance using your vacation or investment home as security for the loan. Contact one of our loan officers for additional information.
In some instances, interest on a home equity loan may be tax deductible. Check with your tax advisor for more information.
Upon the sale of your home, the proceeds or a portion of the proceeds from the sale will be used to pay off the home equity loan.
Yes, there are closing costs for your home equity loan.
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