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What is a Home Equity Loan?

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." Similar to your first mortgage, you can borrow a certain sum of money to be repaid monthly over a certain period of time. People often use the phrases "home equity loan" and "second mortgage" to mean the same thing.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your current mortgage. You'll be happy to learn the closing costs are smaller with a home equity loan, and even though there is a larger interest rate than a first mortgage loan, the interest may be deducted from your taxes.

You will have to document your income and have good credit to qualify for a second mortgage. A home appraisal is needed to calculate the home's market value. To talk about your home equity loan choices, contact us at (909) 467-1090.

Have questions about your home equity? Call us at (909) 467-1090. It's our job to answer home equity loan questions, so we're happy to help!

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