- Counties
- McLennan, Bell, Coryell, Falls
- County seats
- Waco, Belton, Gatesville, Marlin
- Population
- About 700,000 across the two metros
Two different towns on one highway
Waco and Killeen sit about an hour apart on I-35, and their note markets have different drivers. Waco's economy leans on Baylor University, health care and a tourism boom that has lifted home prices in recent years. Killeen's runs on Fort Hood, one of the largest Army installations in the country. Both have active developers selling lots and new homes on terms, and both have plenty of older houses sold by owners who carried the financing.
When the borrower gets new orders
Military households around Killeen, Harker Heights and Copperas Cove move often. When a borrower receives orders, they may sell the house, rent it out, or ask whether someone else can take over the loan. Each option touches the note. A sale normally means a payoff. Renting it out means the borrower is no longer living there, which can matter for insurance. An assumption or transfer is something the deed of trust and the lender control, so we bring any such request to you for a decision.
We update borrower records when we receive recorded title documents, keep insurance requirements in step with how the property is used, and reconcile the escrow at the annual Reg X §1024.17 analysis. The tax bill stays with the property no matter who owns it.
Tax rates along the corridor
Combined effective rates in McLennan and Bell counties generally sit between 2.0 and 2.4 percent of market value. The school district is the biggest line on most bills; in this area that usually means Waco, Midway, Killeen or Belton ISD. Coryell and Falls counties are more rural, with more land under agricultural valuation.
State sale rules, briefly
Tex. Property Code §51.002 governs trustee sales in all four counties: first Tuesday of the month, at the county courthouse or the location the commissioners court designates. McLennan County sales are in Waco and Bell County sales in Belton; Coryell and Falls use their courthouses in Gatesville and Marlin. The foreclosure sale calendar shows the next date. Default and foreclosure support is available as a separate service on request. Ask us for a quote.
Waco and Killeen questions
Do Baylor-area rentals make good owner-finance collateral?
They show up often. Most houses close to campus are owned by investors, and owner-financed sales are common in the older Waco neighborhoods on the east and south sides. We service them the same way as any other note.
A military borrower wants someone else to take over the payments. What happens?
We pass the request to you. Whether to allow an assumption is your decision under the loan documents, and you may want an attorney to paper it. Until something changes in writing, the original borrower remains responsible.
Are Coryell and Falls County notes covered?
Yes, at the same rates as the rest of Texas: $150 to set up, then $35 a month per note, or $40 with escrow. See pricing.
This page is general information about servicing notes in the Waco-Killeen area, not legal advice. Assumptions, insurance requirements and foreclosure procedure depend on the loan documents and current law, so consult a Texas real estate attorney for your situation. Riverstone Note Servicing, LLC is a Texas-licensed mortgage servicer based in San Antonio.
