What Do You Need to Get a Property Tax Loan in Texas?
Looking for a property tax loan in Texas? Before diving into the qualification process, ensure the lender you’re considering is trustworthy and experienced. At American Finance & Investment Co., Inc. (AFIC), you get nearly 80 years of Texas lending expertise, along with an A+ Better Business Bureau (BBB) rating. Let’s walk you through how you can secure a property tax loan.
Who Can Get a Property Tax Loan?
Property tax loans are available to residential and commercial property owners. At AFIC, we tailor loans for both homeowners and commercial clients to meet their specific needs.
Homeowners may need a property tax loan for various reasons. Maybe circumstances beyond your control are preventing you from having the funds to pay the property taxes due on January 31, or you’ve fallen behind and are facing foreclosure. AFIC offers a quick, easy process and will work with you to create a manageable repayment plan.
Loan Eligibility: Do I Qualify for a Property Tax Loan?
AFIC works with most property owners, both residential and commercial, with straightforward eligibility criteria:
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Age: You must be at least 18 years old.
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Application: No formal application is required—just a short online form to get started.
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Property Ownership: You or your company must own a residential or commercial property in Texas.
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Property Value: The property should have a Central Appraisal District (CAD) value of at least $100,000.
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Loan Documents: As the title owner, you must sign all loan documents.
Special Considerations: If you’re 65 or older, a veteran, or receiving benefits on your homestead, you may qualify for a tax deferral under Texas law, allowing you to delay property tax payments without penalties or risk of foreclosure. In that case, a property tax loan isn’t right for you.
Additional Relief Options for Seniors and Veterans
In addition to tax deferrals, seniors 65 and over and veterans in Texas might have other options when it comes to relief. While a property tax loan can assist in alleviating the financial burden of unpaid taxes, a tax deferral enables eligible Texans to delay payments without accruing penalties or the risk of foreclosure. This can be especially helpful for those who are on fixed incomes and might need a little extra time before settling their property taxes. However, it’s important to review the eligibility requirements very carefully and make sure you understand that the deferred taxes will still need to be repaid eventually, and most likely with added interest.
Can You Get a Property Tax Loan With Bad Credit?
Do you have bad credit and worry about whether you are eligible for a property tax loan? At AFIC, we understand that one event can harm your credit rating. We don’t do credit score checks on borrowers. We work with people from all financial backgrounds and draft a repayment plan customized for you. We want to assist all the communities we serve with their property tax financial needs, and bad credit should not prevent you from paying your property taxes with a loan.
What is the Property Tax Loan Process?
As you know, districts appraise property values on January 1 every year, and you have until January 31 of the following year to pay your property taxes. If you don’t pay them, penalties and interest for unpaid tax bills are charged from February 1 and quickly accumulate monthly. The best way to avoid paying excess fees on your property tax is to arrange for a property tax loan with AFIC before your tax becomes due.
AFIC offers a streamlined online process that takes just about 5 minutes to complete. Simply fill out the online form, provide a copy of your ID and your spouse’s (if applicable), and we’ll generate your loan documents. You can review and sign the documents online in as little as 30 minutes, and once signed, we pay the county directly. Your account will then reflect as paid in full, stopping all county-related collection actions.
If you’re exploring how to get a property tax loan fast, AFIC’s efficient process can help you secure funds quickly and avoid additional penalties.
Why Do You Need A Property Tax Loan?
If your property tax bill has got to the point where it is gathering penalties and interest, it can soon become impossible to manage. If you are facing financial challenges that are making it challenging for you to settle your bill, exploring solutions such as property tax loans can help you avoid foreclosure and take control of your finances. There are two options available to you:
- Payment Arrangement: Approach your tax authorities for a payment plan, but these can be slow and inflexible and allow for retroactive penalties.
- Property Tax Loan: A quicker, easier way to settle your debt immediately and set up a manageable repayment plan. Property tax loans allow you to avoid mounting penalties and foreclosure.
Property tax loans are designed to help homeowners keep their properties. The lender takes care of your tax obligations and then works with you to create an affordable repayment plan. If you are a commercial property owner, you can benefit from loans that address the unique challenges of commercial property tax. Your credit history does not factor into your application, and the application process is quick and simple.
If you don’t get a property tax loan, your debt will continue to mount and will become increasingly unmanageable. The problem will not go away if you ignore it, so use the best option you have to get on top of it, stay current with your tax obligations, avoid penalties, and stay out of debt. A property tax loan is an easy and flexible solution to manage and minimize debt, avoid further penalties, and stabilize your finances.
Thankfully, the process is easy and requires very little from you. You could have your tax debt paid within the next 24 hours and have a plan in place to start paying back the loan according to a repayment agreement customized to your income, liabilities, and current financial status
Risks to Consider with Property Tax Loans
Property tax loans can be a lifeline to prevent your home or commercial property from going into foreclosure, but it’s essential to understand the potential risks associated with this financial solution. One to consider is that the county is assigning their lien position in your property to the property tax lender. Additionally, if you miss a payment or do not meet the repayment terms, there could be collection costs, which could further complicate your situation. Before committing to a property tax loan, you must carefully review all loan terms and conditions.
With that being said, when working with a trusted lender like AFIC, you can feel confident in our transparent process and our personalized repayment plans designed to support your personal financial situation.
How to Apply for a Property Tax Loan from AFIC
If you’re considering a property tax loan, it’s crucial to choose a trusted lender. AFIC, a family-owned business since 1946, has a 65+ year complaint-free BBB record and understands the needs of Texas homeowners. With strong equity funding, we’re not reliant on third-party banks. We focus on finding solutions tailored to our clients.
AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
- Quick and completely online process
- No money down
- No credit check
- Free 30-day rate match
- Match competitors and beat their rate by 1%
- Avoid high penalties and foreclosure
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, please contact our experienced team at AFIC today.
