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. A home equity loan is a fixed rate or adjustable rate loan that uses your home equity as collateral. You will repay your loan over an agreed time period by making monthly payments, just like your original mortgage. The terms "home equity loan" and "second mortgage" might be used interchangeably.

Getting Your Home Equity Loan

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

You will have to provide income verification and have a reasonable credit score to qualify for a home equity loan. To determine your home's market value, your lender will ask for an appraisal of your home. To explore your home equity/second mortgage loan options, 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!