HELOC new in texas: fla-tan

Discussion in 'Credit Talk' started by david1, Sep 30, 2003.

  1. david1

    david1 Well-Known Member

    Home equity line of credit loan is now approved in texas effective from octover 1st, 2003. I am planning to apply with compass bank as they have zero closing cost with some restrictions. I dont want to wast an enquiry, if they are not good. Anybody had good or bad experience with this bank in other states.
    Anybody had experience with bankone.

  2. wondering

    wondering Well-Known Member

    Bad idea. Texas is a homestead state, meaning that you can only lose your house if 1) you don't pay your mortgage, 2) you don't pay your property taxes, 3) mechanics or materialman lein, 4) you don't pay your HOA dues.
    Meaning, never a good plan to give up equity to pay down unsecured debt or go on vacation. You could rack up $100K in cc debt and they can't touch your house here.
  3. david1

    david1 Well-Known Member


    I agree with you 100%. The catch here is you pay just the interst monthly and pay off whole amount at the end of the term. I do have 25k in savings as a reserve in case of job loss. I was thinking of car loan payoff and use this interest paid to deduct some taxes. thanks for your reply

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