How The "Divorce" Loan Works...

 

Many loan officers don’t know this loan exists.

If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it.

Use an Owelty loan to get the cash out of your home instead.

The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates – which are higher).

You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan.

So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.

…or, better yet – just give us a call and we can help you!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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Interested Facts About FHA Loans...

 We help alot of borrowers with FHA loans.

-Here are some interesting facts about FHA loans, and why they are so popular…
-FHA loans make up over 80% of 1st time buyer mortgage
-73% of 1st time buyers over 95% LTV and under 680 fico use FHA
-The average credit score in TX is a 681
-By the numbers…a $289K FHA loan with a 680 fico will save a borrower $111 per month vs a conventional loan with PMI
-Over 80% of TSAHC DPA loans are FHA thanks to flexible terms!

If you or someone you know wants to purchase a house contact our office to see how we can help you.

That’s it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How Delayed Financing Works...

 If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.

This type of loan is called ‘delayed financing’.  …and, you can get your cash back out of the house.

In fact, we do these types of cash out loans up to three million dollars.  Many companies won’t lend cash out over 500k, but we do!

…so, if you are in need of a loan like this – shoot us an email or give us a call.  We can help!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog