Centex Home Equity
Centex Home Equity is a subsidiary of Centex Corporation, a Fortune 250 company. Centex Corporation was established in 1950 in Dallas Texas, and is a constant favorite of Fortune magazine. Centex Home Equity has over 175 offices, and is licensed in 48 states. They rank among the nation’s largest retail, non-prime mortgages companies, and have a portfolio of more than ten billion dollars.
About Centex Home Equity
Centex Home Equity’s goal is to build, or rebuild futures. They recognize that life can surprise people with unexpected incidents that can affect credit scores. They want to help these people find a way, or in this case a mortgage, to help them rebuild their futures. Centex Home Equity helps people of all situations, whether they are self-employed, have high debt, or low credit scores, Centex offers mortgages to people who have been denied by other lenders. In fact, Centex serves approx. 50% of U.S. households that do not qualify for conforming mortgage loans.
Centex Mortgage Loan Options
Centex offers the traditional Fixed Rate Mortgages and Adjustable Rate Mortgages. Their Adjustable Rate Mortgages are generally indexed according to LIBOR, and come with initial and periodic adjustment caps. They also come with a ceiling rate (the highest rate you can be charged) and a floor rate (the lowest rate you can be charged, usually the initial rate). Their Balloon Loan is a variation of the Fixed Rate Mortgage. The payments are calculated as if the loan had a thirty-year term, but you will only make payments for fifteen years. After the first fifteen years, the balance is due. You may be able to refinance at the end of the fifteen years.
Centex offers two Limited Income Products. The Limited Income Documentation (LID) is for customers who are self employed, and cannot provide full supporting income documentation. In this case, Centex will base their lending decision on three factors: credit history, collateral, and employment history. Their other LID product is the Stated Income/No Income Verification (NIV). This program does not require income verification; the applicant simply states their income on the application form. Both wage earners and self-employed customers may consider this loan.
Centex has First and Second Mortgages. They require good credit for a Second Mortgage, and Second Mortgages come with much higher interest rates. In the case of foreclosure, Second Mortgages are paid second, so lenders take extra precaution when lending Second Mortgages.
Centex deals with all applications over the phone or in person, but takes requests for applications over the internet.
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