Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. With a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You borrow a sum to be paid back monthly over a set time frame, like you first mortgage agreement. A home equity loan is sometimes also called a second mortgage.
You'll be familiar with the process as it's a lot like getting your existing mortgage. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax-deductible interest) with lower closing costs.
You'll have to document your income and have a reasonable credit score to qualify for a second mortgage. A home appraisal is necessary to assess the home's market value. To explore your home equity choices, call us at 9094671090.
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