Texas Home Mortgage Loans and Refinance Second Liens Home Equity Loans
Second Liens - These loans are what the name implies, a second lien on the property. These loans are utilized to satisfy the requirement of a 20% down payment. If the borrower is putting 5% down, then a second lien in the amount of 15% is required, 10% down, then a second lien in the amount of 10% is required, 15% down, then a second lien in the amount of 5% is required.Second liens typically have a maturity of 15yr with 180 payments to retire the note. For a higher rate you can have a 15yr maturity with a 30yr amortization. This lowers the monthly payment on the second lien.
Home Equity Loan - This loan is a line of credit which cannot be greater than the difference in the present loan amount and 80% of the Loan to Value of the property. The borrower is only charged interest for the amount of the draws, rate is per the note.
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