Today’s Texas HELOC Rates | Austin, Dallas, Houston
Who has the best, lowest Texas HELOC rates?
Remember, in the state of Texas you can do a second lien when you want to pull cash out of your home. This loan is commonly known as a HELOC or a home equity line of credit.
It’s still a mortgage but it’s in second positon-behind your existing mortgage– and it’s more of a line of credit than a mortgage. In fact, a HELOC is a line of credit.
This means you can charge it up, pay it off, then back up again. It’s literally a line of credit, not a mortgage. And since it’s a line of credit and it’s a second lien mortgage these rates are higher.
Right now, today’s first lien mortgage rates are 3.5-3.625% (15 year fixed Texas Cash out)…but today’s HELOC rates are 15 year mortgages at 5.25-5.375%.
Plus today’s HELOC have very minimal closing costs. Typically it’s 2% of the loan amount and an appraisal. So if you need to cash out $50,000 your closing costs on a HELOC would run $1000 and the appraisal, $450.
So compare $1500 in fees against re-doing the entire first lien at 3.625% and $3500 in fees.
If you want the lowest Texas HELOC rates, give us a call at 512-996-8194. We do home loans all over Texas….including Texas HELOCs.
512-996-8194 Austin | Dallas | El Paso | Houston
Texas HELOC Rates