Tapping into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by your home equity. Similar to your first mortgage, you can borrow a particular sum of money to be paid back monthly over a period of time. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting Your Home Equity Loan

Getting your current mortgage loan is a similar routine to that of a home equity loan. Some differences are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.

You'll have to provide proof of your income and have good credit to qualify for a second mortgage. A home appraisal is needed to assess the home's market value. To talk about your home equity choices, contact us at 2817780805.

Have questions about your home equity? Call us at 2817780805. 1st Credential Mortgage Inc answers questions about home equity every day.