Tap into Your Home Equity
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 or adjustable-rate loan that is secured by your home equity. You'll repay this loan over an agreed period of time by making payments monthly, like your first mortgage. A home equity loan is sometimes also called a second mortgage.
Getting the Loan
Getting your current mortgage loan is a process similar to that of a home equity loan. Some distinctions are though, that the interest rate with a home equity loan is typically higher (with tax-deductible interest) with smaller closing costs.
If you would like to qualify for a second mortgage, your credit must be in good standing and you must be able to provide documentation of your income. To determine your home's current value, your lender will require a home appraisal. To discuss your home equity/second mortgage choices, contact us at (909) 467-1090.