Tap 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? A fixed- or adjustable-rate loan secured by your home equity is called a "home equity loan." Similar to your first mortgage, you borrow a specific sum of money to be repaid monthly over a certain period of time. A home equity loan also can be referred to as a second mortgage.

Home Equity Loan Specifics

The process for a home equity loan is similar to getting your first 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 proof of your income and have a positive credit score to qualify for a second mortgage. To assess your home's market value, your lending institution will require an appraisal of your home. To check on your home equity/second mortgage loan options, contact us at 2817780805.

Have questions about your home equity? Call us at 2817780805. It's our job to answer home equity loan questions, so we're happy to help!