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Texans have approved the Home Equity Loan Amendment on November 7, 2017 known as Proposition 2.

Posted by Jim Emerson

Nov 21, 2017 12:17:49 PM

The constitutional amendment has changed certain options for the refinancing of home equity loans.  These options include (1) lowering the cap on home equity-loan related fees from 3 percent to 2 percent but excluding certain additional fees from counting towards the cap (2) refinancing of a home equity loan with a purchase money loan (3) changing the threshold of the amount of advances on a home equity loan as long as the principal amount remains below 80% of the fair market value of the home (formerly was below 50% of market value) ;  (4) allowing home equity loans against agricultural properties and; (5) establishing certain authorized lenders to make a home equity loan.

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Topics: home equity loans


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