Chattel Mortgage Form With Two Points In Texas
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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.
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.
LTO MEMORANDUM CIRCULAR NO. 17 of the said manual of operations provides that “In all dealings or transactions on motor vehicles, a chattel mortgage or release thereof shall first be registered with the office of the Register of Deeds before any registration transaction is effected.”
A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.
If you originate certain types of loans, such as residential property tax loans and manufactured housing loans, you must obtain a license from the TX-OCCC. Moreover, for secondary mortgage loans, unless you already hold a TX-SML license, you must license through the TX-OCCC.
A mortgage involves two important legal documents: a promissory note and either a mortgage document or deed of trust.