What is a Signature Loan? What is an Equity Loan? 3 Austin Mortgage Pros answer, at your service!

 Signature loan is a loan you get from your bank attached to no collateral, like basically your signature is saying you will pay it back.

 

A home equity loan is where you pull cash out of your equity.  Tx home equity loan is the name of it, it is maxed at 80% loan to value in TX. 

 

Thank you,

 

CM

 

Chad Mullenix | Branch Manager-Sr. Loan Officer | NMLS #260298 |Branch NMLS# 1706680
CMG Financial | Corporate NMLS# 1820 | 6720 Vaught Ranch Rd #100 | Austin, TX  78730
Direct Phone: 512.657.8017| Email: cmullenix@cmgfi.com | Web: Apply @  www.chadmullenix.com

Those are two very different things.

 

A signature loan is usually unsecured whereas an equity loan is when someone takes cash out of a property

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Hey, George!

Well, a signature loan is not an option for a mortgage. It is a loan with no documentation or collateral, just a signature! Really, the term applies typically to smaller personal loans.

An Equity loan is for folks who don't have enough income, or ANY income, but lots of financial assets (checking or savings, stocks, bonds, 401k, etc). A calculation is done, basically using the large assets as an effective income to qualify a buyer.

I have attached our Platinum product matrix. The "Asset Qualifier" requires at least 25% down and increases the interest rate by .25%.

Also attached is the spreadsheet used to qualify. It can be a complicated calculation, but typically the person needs well over $500,000 in assets to even approach this product.

Earl

 
 
 

	Earl Proeger Licensed Branch Manager NMLS 1159073 Licensed in Texas
	C: 512-293-7731 earl.proeger@angeloakhomeloans.com 9300 Jollyville Rd Suite 100 Austin, TX 78759
Angel Oak Home Loans LLC NMLS# 685842, For licensing information, go to: (www.nmlsconsumeraccess.org), Licensed in AL #21485, AZ #0927070, Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, CO Regulated by the Division of Real Estate, DC, FL, GA #32379, IL Residential Mortgage Licensee # MB.6761061, IN, IA, KS, KY, LA, MD, MI, MN, MS, Licensed by the N.J. Department of Banking and Insurance, NM, NC #L-153288, OH, OK, OR, PA, SC, TN, TX, VA, WI. This email is not an offer to sell or the solicitation of an offer to buy any security or other investment or to provide investment services of any kind. The data contained in this email and/or any attachments are provided for informational and educational purposes only and nothing contained herein should be construed as advice or a solicitation. Internet email cannot be guaranteed. Please do not include private or confidential information such as passwords, account numbers, Social Security numbers, etc. in emails to us. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. Please contact the sender immediately and destroy the material in its entirety.