Home Equity Loans
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 the equity in your home. You borrow a certain amount to be paid back with monthly payments during a set period of time, like you first mortgage. A home equity loan may also be referred to as a second mortgage.
Getting the Loan
You will be accustomed to the process as it's much like the process toward your existing mortgage. You will be happy to learn that the closing costs are smaller with a home equity loan, and even though there is a larger interest rate than a traditional mortgage, the interest may be deducted from your taxes.
If you would like to qualify for a second mortgage, your credit needs to be in good standing and you must be able to provide documentation of your salary. To assess your home's current value, your lending institution will require an appraisal of your home. To discuss your home equity/second mortgage loan choices, call us at 214-663-5355.
Have questions about your home equity? Call us at 214-663-5355. It's our job to answer home equity loan questions, so we're happy to help!