Home Equity Loans

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. With a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a sum to be repaid monthly during a set time frame, like you original mortgage agreement. A home equity loan also can be referred to as a second mortgage.

Getting Your Home Equity Loan

The process for a home equity loan is similar to getting your original mortgage. You will be happy to know the closing costs are smaller with a home equity loan, and although there is a larger interest rate than a first mortgage loan, the interest may be deducted from your taxes.

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

Have questions about your home equity? Call us at 2146635355. Debbie Oliver NMLS License #248252, America's First Choice Mortgage, NMLS License #279234 answers questions about home equity every day.