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 sum to be repaid monthly over a set period of time, much like your first mortgage agreement. A home equity loan might also be called a second mortgage.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your current mortgage. You'll be happy to know that the closing costs are lower with this loan, and even though there is a higher interest rate than a traditional mortgage, the interest can be deducted from your taxes.

To qualify for a second mortgage, you will need a positive credit score and you need to be able to provide documentation of your salary. To assess your home's market value, your lending institution will require a home appraisal. To explore your home equity/second mortgage choices, contact 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!