Home Equity Loans

Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You will repay the loan over an agreed time period by making payments monthly, like your first mortgage loan. The terms "home equity loan" and "second mortgage" may be used interchangeably.

Getting the Loan

Getting your current mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is generally higher (with tax-deductible interest) with smaller closing costs.

In order to qualify for a second mortgage, you must have a positive credit score and you must be able to provide documentation of your income. To assess your home's market value, your lender will ask for a home appraisal. To explore your home equity/second mortgage loan choices, contact us at 2817780805.

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