Tapping into Your Home Equity

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 secured by the home equity you have built up is called a "home equity loan." You borrow a certain amount of money to be repaid in monthly payments over a set period of time, like you original mortgage. A home equity loan at times is also called a second mortgage.

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 interest rate with a home equity loan is usually higher (with tax-deductible interest) with lower closing costs.

To qualify for a second mortgage, you will need a reasonable credit score and you should be able to provide documentation of your income. A home appraisal will be needed to determine the home's current market value. To discuss your home equity/second mortgage options, call us at 2817780805.

Have questions about your home equity? Call us at 2817780805. It's our job to answer home equity loan questions, so we're happy to help!