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Texas Home Equity vs variable rate

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  • June 6, 2012 at 2:23 pm EDT #2464
    Anonymous
    Inactive

    We are wanting to make sure we can offer a Texas Home Equity loan with a variable rate, so long as the when the rate adjust, the payments adjust to avoid a negative amortiztion or a balloon.

    thanks
    Sandra

    June 6, 2012 at 7:03 pm EDT #2919
    JGo9
    Participant

    I’m not familiar with Texas law at all, so I might be missing something here, but in KY there are many banks that offer HELOC’s with a variable rate, and their payment amounts do change.

    Unless there is some kind of stipulation specific to Texas, you should be good to go.

    June 8, 2012 at 4:43 pm EDT #2899
    Anonymous
    Inactive

    I can’t tell you off the top of my head. I know we don’t do them at our bank though.

    I’d contact IBAT or the TBA Hotline. (1-888-353-3933) They’re very versed in Texas Law.

    June 28, 2012 at 9:47 pm EDT #2783
    jholzknecht
    Keymaster

    Let me echo dmurray’s advice. Call the experts. Texas mortgage law is very unique. No other state has the complexity of Texas mortgage law.

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