What is a 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, a fixed or adjustable rate loan is secured by your home equity. You will repay this loan over an agreed time period by making monthly payments, like with your original mortgage loan. A home equity loan also can be referred to as a second mortgage.

Getting Your Home Equity Loan

You'll be comfortable with the process as it's much like getting your existing mortgage. Some differences are though, that the rate of interest with a home equity loan is typically higher (with tax deductible interest) with lower closing costs.

In order to qualify for a second mortgage, your credit must be in good standing and you need to be able to verify your salary. To determine your home's current value, your lender will require a home appraisal. To check on your home equity/second mortgage loan choices, contact 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!