For example, if a borrower seeks a 75,000 mortgage on a home worth 112,000, the LTV would be 67 percent, and allowed under Texas law. Three Percent Rule. Texas law states that only 3 percent of a new loan amount can be used for specific closing sycuan casino cash advance. These costs include appraisal fee, broker fee, cost of a survey and title, and underwriting.
This rule protects the borrower from being charged excessive fees. However, it can be a drawback on small loans, where standard closing fees must be slashed, causing some lenders to shy away from markets where real estate values are on the low end of the spectrum.
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Important Disclosures. Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender.
In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.