Put Your Home's Equity to Work - On Your Terms
Looking for smart ways to use your home's value? At First State Bank, we make it easy to access your equity for renovations, tuition, debt consolidation, or major expenses. With our cash-out refinance and home equity loan options, you can turn your home into the financial resource you need.
Give us a call on 940-665-1711 or contact us via our website to find out more.
Cash-Out Refinance vs. Home Equity Loan - Which Is Right for You?
Cash-Out Refinance (First Mortgage)
A cash-out refinance replaces your existing mortgage with a new one while giving you access to cash from your home's equity. Benefits include:
- One monthly payment for mortgage and cash needs
- Potential for a lower interest rate than other loans
- Long-term financial stability and simplicity
Perfect if you want to refinance your mortgage and tap equity at the same time.
Home Equity Loan (Second Mortgage)
A home equity loan allows you to keep your current mortgage and take out a second loan based on your home's value. Benefits include:
- Keep your existing mortgage rate
- Access funds without refinancing your entire loan
- Fixed payments for predictable budgeting
Ideal if you're happy with your mortgage but need funds for home improvements, debt consolidation, or big expenses.
Unlock Your Home Equity Potential
With a home equity loan in Texas from First State Bank, you can use your Texas home’s equity to secure funding. Enjoy the stability of fixed interest rates and a consistent payment schedule that eases your budgeting.
Home Equity Loan or HELOC: Which Is Right for You?
Unlike a home equity loan, a Home Equity Line of Credit works like a revolving credit line, offering flexibility to borrow as needed. Both tap your home’s equity, but they work differently. Home equity loans provide a lump sum repaid with a fixed rate and set monthly payments. A HELOC, on the other hand, is a revolving credit line you can draw from as needed, often with a variable rate.
Common Uses and Application ProcessThe application process for home equity loans is straightforward: determine your available equity, submit your application, and then follow First State Bank's guidance through appraisal, approval, and closing.
At First State Bank, we guide you through everything from eligibility requirements, such as maintaining at least 20% equity in your home and meeting credit and income qualifications, to the application process, ensuring clarity every step of the way.
Tap your home's value responsibly with a trusted home equity lender in Texas. Visit any of our branches to learn how we can help make your financial goals a reality. Loans are subject to credit approval.Ready to Put Your Home's Equity to Work?
At First State Bank, we make it simple and personal. Whether you need a cash-out refinance in Texas or a home equity loan to fund your goals, our team is here to help.
Apply for a Home Equity Loan Today
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