Home equity loanleft

Do you need to tap into your home’s equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. The terms home equity loan and second mortgage are often used interchangeably.
 

The process for a home equity loan is similar to your first mortgage. The closing costs (often 2-3 percent of the loan amount) are usually lower and, although the interest rate is higher on a home equity loan, the interest paid is tax deductible.


To qualify for second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.

Mortgage Broker - Peter Ma (TMBL # 1077)

Entity #76916

Peter Ma is licensed under the laws of the State of Texas and by State Law is subject to Regulatory oversight by The Department of Savings and Mortgage Lending, any consumer wishing to file a compliant against Peter Ma should complete, sign, and send a complaint form to The Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the Department web site located at www.sml.state.tx.us or obtained from the Department upon request by mail at the address above, by telephone at its toll-free consumer hotline at 1-877-276-5550, by fax at (512)475-1360, or by e-mail at smlinfo@sml,state.tx.us.

The Department maintains the mortgage broker recovery fund to make payments of certain types of judgements against a mortgage broker or loan officer. Not all claims are compensable and a court must order the payment of a claim from the recovery fund before the Department may pay a claim. For more information about the recovery fund, please consult Subchapter F of The Mortgage Broker License Act on the Department's web site referenced above.

6918 Corporate Dr. Suite A-6 Houston, TX 77036
Phone: Fax:

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