Home Equity Loan

Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, your fixed or adjustable rate loan is secured by your home equity. As with your first mortgage, you'll borrow a particular amount to be paid back monthly over a period of time. You can use the terms "home equity loan" and "second mortgage" interchangeably.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your current mortgage loan. Some differences are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with lower closing costs.

You'll have to provide income documentation and have a positive credit score to qualify for a home equity loan. A home appraisal is needed to calculate the property's current market value. To check on your home equity/second mortgage options, contact us at 2146635355.

Have questions about your home equity? Call us at 2146635355. We answer home equity loan questions questions every day.