Tapping into Your Home Equity

Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a sum of money to be repaid in monthly payments during a set time frame, similar to original mortgage. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Home Equity Loan Specifics

You will be comfortable with the process as it's a lot like the process toward your current mortgage. Some differences are though, that the interest rate with a home equity loan is generally higher (with tax deductible interest) with smaller closing costs.

You will have to provide proof of your salary and have a reasonable credit score to qualify for a home equity loan. To figure out your home's current value, your lending institution will ask for an appraisal of your home. To discuss your home equity loan choices, call us at 8102292820.

Have questions about your home equity? Call us at 8102292820. We answer home equity loan questions questions all the time.