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 or adjustable-rate loan that is secured by your home equity. You borrow a certain amount to be paid back in monthly payments over a set period of time, just as you have done with your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting Your Home Equity Loan

You will be accustomed to the process as it is much like the process toward your existing 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.

If you'd like to qualify for a second mortgage, you need to have a reasonable credit score and you should be able to document your salary. A home appraisal will be needed to determine the property's current market value. To check on your home equity/second mortgage choices, call us at 2146635355.

Have questions about your home equity? Call us at 2146635355. Debbie Oliver NMLS License #248252, America's First Choice Mortgage, NMLS License #279234 answers questions about home equity every day.