Chattel Mortgage Form With Two Points In Houston
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The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
Under Texas state law, 80% of the total appraised value of the property is the maximum amount that you can apply a second mortgage for; You can take out a second mortgage on your primary residence. However, a lender cannot issue a second mortgage if an outstanding balance remains.
When there is more than one residence, the homeowner must be aware of the insurance ramifications of having alternative residences to avoid problems with both the primary and secondary residences. There are additional considerations for homeowners who choose to list properties as short or long-term rentals.
The best chattel mortgage rates generally start from around 7.50% p.a. but can range up to 15% p.a. or higher for some borrowers. To get the best rate — i.e. the lowest rate — a borrower will want to present as little risk to the lender as possible.
Applying for a second mortgage affects one's credit score through inquiries and higher debt levels. These factors can lower scores temporarily. Missed payments on a second mortgage have long-term effects on credit health. They can damage one's ability to borrow in the future.
Under Texas state law, 80% of the total appraised value of the property is the maximum amount that you can apply a second mortgage for; You can take out a second mortgage on your primary residence.
Overview of Harris County, TX Taxes The state of Texas has some of the highest property tax rates in the country. In Harris County, the most populous county in the state, the average effective property tax rate is 1.77%. That's nearly double the national average of 0.90%.