Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a certain amount to be paid back in monthly payments during a set period of time, like you first mortgage. A home equity loan might also be called a second mortgage.
Getting your first mortgage is a process similar to that of a home equity loan. Your closing costs (usually two to three percent of the loan amount) are usually lower and, even though the rate of interest is bigger on a home equity loan, the interest paid can be tax deductible.
You'll have to document your income and have good credit to qualify for a home equity loan. A home appraisal is needed to assess the home's market value. To explore your home equity/second mortgage loan options, contact us at 9094671090.
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