Home Equity Loan

Do you need 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." As with your first mortgage, you'll borrow a particular sum of money to be repaid monthly over a period of time. A home equity loan also can be called a second mortgage.

Home Equity Loan Specifics

You'll be accustomed to the process as it's a lot like the process toward your first mortgage. You will be pleased to learn the closing costs are lower with a home equity loan, and even though there is a bigger interest rate than a first mortgage, the interest may be deducted on your taxes.

If you'd like to qualify for a second mortgage, you will need a reasonable credit score and you need to be able to provide documentation of your salary. A home appraisal is required to assess the property's current market value. To check on your home equity/second mortgage loan choices, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. We answer home equity loan questions questions all the time.