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. A home equity loan is a fixed or adjustable rate loan that uses the equity in your home as collateral. You borrow a certain amount of money to be repaid monthly over a set period of time, like you original mortgage. A home equity loan can also be referred to as a second mortgage.

Getting Your Home Equity Loan

Getting your current mortgage is a process similar to that of a home equity loan. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax deductible interest) with lower closing costs.

In order to qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. A home appraisal is necessary to calculate the property's market value. To talk about your home equity loan choices, call 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!