Tap into Your Home Equity

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." Similar to your first mortgage, you can borrow a certain sum of money to be repaid monthly over a period of time. You can use the phrases "home equity loan" and "second mortgage" to mean the same thing.

Home Equity Loan Specifics

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

In order to qualify for a second mortgage, your credit has to be in good standing and you need to be able to verify your income. A home appraisal will be needed to determine the property's market value. To explore your home equity loan choices, contact us at 2817780805.

Have questions about your home equity? Call us at 2817780805. We answer home equity loan questions questions every day.