Your Texas Trust mortgage department is right here in Arlington, TX. We originate, process, and underwrite all our loans in house and we currently retain all our servicing so you can avoid having to change who you are making payments to. Home Equity and Home Improvement loans are closed right here at our offices for your convenience.
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
This loan is fully amortized over a 20-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate. The payment on a 20-year term will be higher so many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan faster.
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
A great way to use the equity you have built up in your home to pay for college, remodeling, a pool, or to consolidate higher priced credit card debt. There are no limitations or requirements on how the proceeds are used. We can typically close these loans within 15 days of getting all the required documents and information from the borrower. Texas state law does limit cash-out refinances or a cash out 2nd lien to 80% of the appraised value and has a 12 day waiting period plus a 3 day right of rescission before funding. Loan size must be above $10,000.
Our home improvement loan is an excellent way to get the funds you need for a remodel, pool, new AC unit, or almost anything related to home improvement. Some of the great features of this product:
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.
In General....
A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your real estate agent and Texas Trust Loan Officer,
it should be an efficient, pleasant, and ultimately rewarding experience.
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