Starting October 23, 2017, Texas voters will have an opportunity to consider seven constitutional amendments proposed by the 85th legislature. The HTFFFCU team encourages our members to vote for both Proposition 2 and Proposition 7 to allow the credit unions to make positive changes impacting members’ finances. Here’s what you should know.
Who can be affected by Prop 2?
In short, homeowners. But in reality, everyone who plans to purchase a home or agricultural land may see the positive changes if the Proposition 2 succeeds.
How does Prop 2 change the game for current and future homeowners?
Financing a home equity loan is extremely difficult under the current law, especially on properties below a certain value. This is because of the way the Texas Constitution restricts fees that can be charged to create a home equity loan. Prop 2 will give more members the option to use home equity loans, especially if the requested amount is smaller because it changes the calculation of the fees. This will make the loans accessible to more Texans. And while making the loans more accessible, Prop 2 also creates more options to refinance the existing and future home equity loans.
But there is more: Prop 2 will offer homeowners more economic freedom by enabling access to larger home equity lines of credit (HELOCs). Prop 2 doesn’t forget about the landowners either. If passed, owners of a homestead on all types of agricultural land will be able to qualify and secure a home equity loan.
To learn more about Prop 2, clickhere.
Is there anything else that I should know about?
Yes! While you are voting for Prop 2, don't forget about Prop 7 which allows credit unions and other financial institutions to offer incentives to members for saving money. To learn more about Prop 7, clickhere.
When can I vote?
Early voting starts on October 23, 2017. Election Day is November 7, 2017. Learn more about election rules, polling locations and hours