Space City Home Equity Loans allow members to borrow equity from their homestead property. These loans are useful for major expenses like home renovations, installing a pool, a workshop or debt consolidation.
Home Equity Loan Information
80% of appraisal value minus existing liens.
5-15 year term.
No prepayment penalties.
Property must be Homestead exempt
Closing Cost Information
- Maximum 2% origination fee based on loan amount.
- Appraisal Fee. (Market rate based on location)
- Title Commitment Fees vary. (Determined by the title company)
- Texas law allows home equity loans to be refinanced once every 12 months.
- Texas law allows one Home Equity loan at a time.