Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You will repay the loan over an agreed period of time by making payments monthly, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Getting your first mortgage loan is a process similar to that of a home equity loan. You'll be happy to learn the closing costs are smaller with this 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 home equity loan. A home appraisal is necessary to calculate the home's current market value. To explore your home equity/second mortgage options, call us at 9094671090.
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