Tap into Your Home Equity
Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable-rate loan that uses the equity in your home as collateral. You will repay this loan over an agreed period of time by making payments monthly, like with your first mortgage loan. A home equity loan might also be referred to as a second mortgage.
Getting the Loan
The steps toward a home equity loan are similar to getting your first mortgage loan. Some distinctions are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with lower closing costs.
If you would like to qualify for a second mortgage, you will need a reasonable credit score and you must be able to document your salary. A home appraisal is needed to calculate the home's market value. To discuss your home equity/second mortgage options, call us at 214-663-5355.
Have questions about your home equity? Call us at 214-663-5355. We answer home equity loan questions questions every day.