Tapping into Your Home Equity

Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You borrow a sum to be repaid monthly over a set period of time, similar to first mortgage. A home equity loan at times is also called a second mortgage.

Getting the Loan

Getting your first mortgage loan is a similar routine to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is generally higher (with tax deductible interest) with lower closing costs.

You'll have to provide proof of your salary and have good credit to qualify for a second mortgage. To figure out your home's current value, your lender will ask for a home appraisal. To talk about your home equity/second mortgage loan choices, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. It's our job to answer home equity loan questions, so we're happy to help!