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Tapping into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You borrow a certain amount to be paid back in monthly payments during a set time frame, much like your original mortgage. The terms "home equity loan" and "second mortgage" may be used interchangeably.

Getting Your Home Equity Loan

You will be familiar with the process as it's much like the process toward your current mortgage. You will be happy to know that the closing costs are lower with this loan, and although there is a higher interest rate than a first mortgage loan, the interest may be deducted from your taxes.

You'll have to document your salary and have a positive credit score to qualify for a home equity loan. To figure out your home's market value, your lending institution will ask for an appraisal of your home. To check on your home equity/second mortgage choices, call us at (909) 467-1090.

Have questions about your home equity? Call us at (909) 467-1090. Greystone Loans, Inc. answers questions about home equity every day.

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Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

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