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Requirements for a Property Tax Loan Company in Texas

Property tax loans help residential and commercial property owners in Texas avoid costly interest, fees, and penalties charged by the county. However, not all property tax lending companies are the same, so it’s important to know the requirements for a property tax loan company to help you make a more informed decision. Keep reading to learn what to look for when selecting a trusted property tax lender in Texas. 

Are They Licensed by the Texas OCCC? 

In Texas, property tax lenders are licensed and regulated by the Texas Office of Consumer Credit Commissioner (OCCC). According to the Texas OCCC, “The goal of the OCCC is to create a fair, lawful, and healthy credit environment that grows economic prosperity for all Texans. As new forms of credit become available to Texas consumers, the OCCC helps the public understand their rights and responsibilities.” 

It is essential that your Texas Property Tax Loan Provider is licensed by the OCCC. If it is not, the company is most likely operating illegally. You can call the OCCC or visit their website to verify if a loan provider you are considering is licensed. 

Do the Loan Officers with the Company Have an NMLS License? 

Loan Officers who loan money on residential homestead property must have a National Mortgage Licensing System (NMLS) license. NMLS is a comprehensive licensing system for all state-licensed mortgage companies and loan officers. 

All Johnson & Starr’s loan officers are licensed by NMLS. Our loan officers must pass background and credit checks, as well as stay up to date with all state requirements and regulations. 

Check Their Better Business Bureau Rating 

The Better Business Bureau (BBB) is a trusted source that provides the public with information on businesses and charities. Much like a report card, the score a business receives from the BBB can say a lot about the business’s trustworthiness and performance, which is why it’s important to check a property tax loan company’s BBB score and reviews on to determine whether they’re a good fit. It is common for large companies to have a limited number of upset clients, but too many or unprofessional business responses should be a red flag. 

Selecting a Property Tax Loan Company 

While the basic terms of a loan (interest rate, length of the loan) are important, it may be more important whether your lender has your best interests at heart. Here are some additional questions to help guide you when first talking with a property tax lender in Texas: 

  • Did they try to understand my tax and personal situation? 
  • Did they seem to care about me and resolve my concerns or were they trying to get me off the phone as quickly as possible? 
  • Was I speaking to someone I am comfortable working with for the next few years? 
  • Were they trying to use sales gimmicks that hurt me in the long run? For example, no payments for twelve months but with interest continuing to accrue 
  • Were they actively helping me create a payment plan to fit my needs? 
  • Are there any incentives to work with this lender? For example, not adding any extra fees or being able to skip payments 
  • Will they be willing to continue helping me if I miss one or more payments?

At Johnson & Starr, our goal is to keep families in their homes, and sometimes that means advising you of better options than a loan with us. We also know sometimes life happens, and you may have difficulty making payments. Our property tax loans are customized to fit your unique situation and can be flexible to adapt to nearly any loan requirement. To find out how we can help save your home, call us today at 800-203-9157.