If your annual property tax bills always leave you feeling shocked and struggling to cover the payment, you’re not alone. In the state of Texas, high property tax rates are the norm, and many families find themselves struggling to cover these costs each year. A property tax loan seems like a good way to cover property tax costs, but many people are worried about what the property tax loan process entails. In this blog, we’ll go over how Texas property tax loans work and help you prepare for what to expect from the lending process.
Step 1 – Find a Property Tax Loan Provider
Some people have heard horror stories about lending schemes, causing them to worry that lenders are going to take advantage of them. It’s very important to find a reputable lender that you can trust to provide a property tax loan. At Home Tax Solutions, you can trust our team with over 134 years of combined property tax lending experience to offer affordable property tax loans with reasonable interest rates and loan terms and help you with a path over a rough patch.
Step 2 – Apply for a Loan
Contact one of our licensed loan officers, who will be happy to help you complete the application process over the phone, and many lenders (including Home Tax Solutions) even have quick and easy online forms. Typically, applications only require basic information about the home, the homeowner, and the amount of property taxes owed.
Step 3 – Wait for Loan Approval
After you apply, you’ll likely receive approval while you are on the phone or within a couple of hours. Since most property tax lenders don’t perform credit checks, your lender will simply verify all of your application details prior to approving you for the loan.
Step 4 – Close on the Loan
Once you’re approved for the property tax loan, your Home Tax Solutions loan specialist will go over all the details with you, including interest rates, deferment options, payment amounts, and your loan terms. Once you’ve finalized all the details, you’ll sign the paperwork to close on the loan. This simply means you sign the legal documents stating that you agree to the terms set for you to repay your property tax loan. Once you close on the loan, your lender will pay off your outstanding balance directly to your tax assessor.
Step 5 – Make Payments
Once you’ve signed to close the loan, you simply make the predetermined payments as outlined by your loan agreement. While some property tax loan providers penalize their clients for paying loans off more quickly, you’ll never receive a pre-payment penalty from our team.
Ready to Get Started with Home Tax Solutions?
If you’re interested in working with Home Tax Solutions for a property tax loan, our team would love to hear from you. We offer affordable, convenient property tax loan options to help you fit the cost of your annual property tax bill into your budget. You can get started online whenever you’re ready. Complete our property tax loan request form, and one of our loan offices will be in touch soon to finalize the details of your home tax loan.