Home Equity Loan

Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You'll repay your loan over an agreed period of time by making monthly payments, just like with your original mortgage. A home equity loan at times is also called a second mortgage.

Getting the Loan

The process for a home equity loan is similar to getting your current mortgage. Your closing costs (usually 2-3 percent of the loan amount) are generally smaller and, although your rate of interest is more on a home equity loan, the interest paid will be tax deductible.

If you would like to qualify for a second mortgage, you need to have a positive credit score and you must be able to document your salary. To assess your home's market value, your lending institution will require an appraisal of your home. To check on your home equity/second mortgage loan options, 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!