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 fixed- or adjustable-rate loan that is secured by the home equity you have built up is called a "home equity loan." You will repay this loan over an agreed time period by making payments monthly, just like with your first mortgage. A home equity loan at times is also called a second mortgage.
Getting Your Home Equity Loan
You will be accustomed to the process as it's a lot like getting your first mortgage. Your closing costs (often 2-3& of the loan amount) are typically smaller and, although your rate of interest is larger on a home equity loan, the interest will be tax deductible.
To qualify for a second mortgage, your credit needs to be in good standing and you need to be able to document your salary. To figure out your home's market value, your lender will ask for an appraisal of your home. To check on your home equity loan choices, call us at 2146635355.
Have questions about your home equity? Call us at 2146635355. It's our job to answer home equity loan questions, so we're happy to help!