Home Equity Loan

Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed rate or adjustable-rate loan that is secured by the equity in your home. You borrow a certain amount to be paid back monthly during a set period of time, just as you do with your original mortgage. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting the Loan

The process for a home equity loan is similar to getting your existing mortgage. Your closing costs (usually 2-3& of the loan amount) are typically lower and, even though the interest rate is bigger on a home equity loan, the interest paid can be tax deductible.

You will have to provide proof of your income and have a reasonable credit score to qualify for a second mortgage. To figure out your home's market value, your lender will require a home appraisal. To explore your home equity/second mortgage choices, 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!