Home Equity Loan

Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You will repay the loan over an agreed time period by making monthly payments, like with your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting Your Home Equity Loan

You'll be familiar with the process as it's much like the process toward your current mortgage. You'll be pleased to know the closing costs are lower with a home equity loan, and although there is a bigger interest rate than a first mortgage loan, the interest may be deducted on your taxes.

You will have to document your salary and have a positive credit score to qualify for a second mortgage. To assess your home's market value, your lending institution will require a home appraisal. To check on your home equity/second mortgage loan choices, contact us at 8102292820.

Have questions about your home equity? Call us at 8102292820. It's our job to answer home equity loan questions, so we're happy to help!