There are no limitations on what you can do with the funds from a Home Equity Loan. Use them to improve your home, pay for a college education, or care for family members.
If you plan to use the money from your Home Equity Loan to make home improvements, you may be able to deduct some or all of your payments on your federal tax return.
Home Equity Loans use your equity in your home as collateral, which helps to keep the interest rates low.
Low interest rates translate to affordable monthly payments, making Home Equity Loans a good way to get the money you need.
A PrimeWay home equity loan allows you to take advantage of the value you’ve added to your home. You’ve spent countless hours turning your house into a home over the years. You can use a home equity loan for any financial need or life event, including:
Eliminate high-interest rate debt and consolidate your payments into one low monthly cost.
You've spent years investing in your home – now invest that equity into your child's future.
*Rates as low as 3.74% APR for home equity loans with terms of up to 60 months. Appraisal costs are the responsibility of the borrower(s). PrimeWay home equity loans are available only in Texas. Maximum 80% CLTV. Certain credit criteria and restrictions apply.
Lenders use the Combined Loan to Value Ratio (CLVR) to calculate your qualifications. The minimum in Texas is 80%, meaning that you will need equity of at least 20% to qualify.
No, you can use your Home Equity Loan for anything, including paying down debt, making improvements to your home, paying for college, or any other financial need.
They may. Your equity is based on the amount you owe as it compares to the current appraised value of your home. If the value of your home is higher than it was when you bought it, you will have a higher amount of equity.
Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. A prequalification letter can also be given to your real estate agent to show you are a serious home buyer. Prequalification is optional, but it's a helpful step in the process of buying a house..
Mortgage prequalification is free and doesn't require a commitment from you or the bank or credit union.
Mortgage prequalification checklist
It is convenient to get prequalified and can help you in the mortgage process. Here's what you'll need to provide for a mortgage prequalification:
You can apply for pre-approval at any time, regardless of whether you've completed the prequalification process. You'll complete a full mortgage loan application, which will include the following information.
This is a partial list as varying information and documentation can be requested during the closing process. Your mortgage specialist can tell you about any additional requirements.
Employment & Income History
A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account.
Additional documents may be required at your mortgage closing. Your real estate agent and mortgage loan officer will let you know which documents will be needed when you close on your new home and they'll work closely with you at each step of the mortgage loan process.
Your credit score, or FICO score, is a number that reflects your financial responsibility and helps lenders decide if you're a credit risk or not. Your score is based on - but not part of - your credit report. It's generated at the time of the request, then included with the report.
The five factors that determine your Credit Score are:
Learn more about what determines your credit score and how your score is interpreted.
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APR = Annual Percentage Rate. Rates as low as 3.74% APR for home equity loans with terms of up to 60 months. Appraisal costs are the responsibility of the borrower(s). PrimeWay home equity loans are available only in Texas. Maximum 80% CLTV. Certain credit criteria and restrictions apply.
Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone.
You should consult your tax advisor regarding your possible tax implications. Rates are subject to change without notice.