Tapping into Your Home Equity

Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? With a home equity loan, your fixed or adjustable rate loan is secured by your home equity. As with your first mortgage, you can borrow a particular sum of money to be paid back monthly over a period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting the Loan

You will be accustomed to the process as it is a lot like getting your current 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.

To qualify for a second mortgage, your credit needs to be in good standing and you need to be able to verify your salary. A home appraisal is needed to calculate the property's current market value. To check on your home equity loan options, call us at 2817780805.

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