Home Equity Loan
Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed rate or adjustable rate loan that is secured by your home equity. You'll repay this loan over an agreed period of time by making monthly payments, just like with your first mortgage. You can use the phrases "home equity loan" and "second mortgage" to mean the same thing.
Getting Your Home Equity Loan
Getting your current mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.
To qualify for a second mortgage, your credit needs to be in good standing and you need to be able to provide documentation of your income. A home appraisal is necessary to assess the home's market value. To check on your home equity choices, call us at 214-663-5355.
Have questions about your home equity? Call us at 214-663-5355. Debbie Oliver NMLS License #248252, America's First Choice Mortgage, NMLS License #279234 answers questions about home equity every day.