Home Equity Loans
Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? With a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You'll repay this loan over an agreed period of time by making monthly payments, like with your original mortgage. A home equity loan also can be referred to as a second mortgage.
Getting Your Home Equity Loan
The process for a home equity loan is similar to getting your first mortgage. Your closing costs (often 2-3& of the loan amount) are typically smaller and, even though the rate of interest is more on a home equity loan, the interest paid will be tax deductible.
In order to qualify for a second mortgage, you need to have a reasonable credit score and you must be able to document your income. To assess your home's market value, your lending institution will require an appraisal of your home. To explore your home equity/second mortgage loan choices, call us at 2146635355.
Have questions about your home equity? Call us at 2146635355. We answer home equity loan questions questions every day.