Tap into Your Home Equity

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You'll repay the loan over an agreed period of time by making payments monthly, like with your original mortgage. A home equity loan can also be referred to as a second mortgage.

Getting Your Home Equity Loan

You'll be familiar with the process as it is much like the process toward your first mortgage. You will be pleased to know the closing costs are lower with a home equity loan, and even though there is a higher interest rate than a traditional mortgage, the interest can be deducted from your taxes.

To qualify for a second mortgage, you will need a positive credit score and you should be able to document your income. A home appraisal will be necessary to calculate the home's current market value. To explore your home equity/second mortgage loan choices, call us at 8102292820.

Have questions about your home equity? Call us at 8102292820. ADVISORY MORTGAGE answers questions about home equity every day.