Home Equity Loan

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 is secured by your home equity. You borrow a sum of money to be repaid monthly during a set period of time, like you first mortgage. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting the Loan

You will be accustomed to the process as it's a lot like the process toward your first mortgage. Some distinctions are though, that the interest rate with a home equity loan is generally higher (with tax deductible interest) with lower closing costs.

If you would like to qualify for a second mortgage, you need to have a positive credit score and you need to be able to document your salary. To determine your home's market value, your lender will require a home appraisal. To check on your home equity loan choices, call us at 2817780805.

Have questions about your home equity? Call us at 2817780805. We answer home equity loan questions questions all the time.