Texas Home Equity Loans - Using Equity to Build Equity

By Jane Hale

Home appreciation in Texas is at record levels, especially in cities like Houston, Dallas, El Paso, and Austin. Many homeowners have seized the opportunity and taken advantage of their growing equity with a Texas home equity loan. Though some have chosen to pay off debts, pay college tuition, and take a vacation, others have chosen to use their equity to build more equity through home improvements. If your Texas home needs a little TLC or if you want a complete remodel, this financing option could be for you.

What Texas Homes Are Worth
When getting a Texas home equity loan, you can usually borrow up to 125 percent of your home's value. The value of your home is dependent upon many things including the city or neighborhood in which you live, the size of the home and property, and the structure and style of the home. The average home in Texas is usually valued somewhere between 100,000 and 250,000. If you owe less than the value, you may have enough equity built up to pay for all of your home improvement needs.

Preparing for a Sale
The homes usually sell rather well in Texas, sprucing your place up before putting it on the market couldn't hurt. If you want to avoid the out of pocket expenses that usually come with home improvements, a Texas home equity loan could be beneficial. By choosing an interest only equity loan, you could avoid making payments until your house has sold.

Deciding How Much to Borrow
When you will be getting a Texas home equity loan to cover the costs of home improvements or home remodeling it can be tricky to determine exactly how much you should borrow. Before applying for the loan, take time to get good estimates on project costs from contractors or home improvement stores. This will significantly increase your chances of borrowing the right amount of money.

Visit Texas Lending Hub to see our Top 3 Home Equity Lenders in Texas, whether you are looking for home purchase, refinance or a home equity loan.

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