What is a Home Equity Loan?

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 fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." You borrow a lump sum of money to be paid back in monthly payments over a set time frame, just as you do with your original mortgage. A home equity loan might also be referred to as a second mortgage.

Getting Your Home Equity Loan

You'll be accustomed to the process as it is much like getting your existing mortgage. Some distinctions are though, that the interest rate with a home equity loan is generally higher (with tax deductible interest) with smaller closing costs.

In order to qualify for a second mortgage, you will need a reasonable credit score and you need to be able to verify your income. To figure out your home's market value, your lender will require a home appraisal. To check on your home equity options, call us at 9094671090.

Have questions about your home equity? Call us at 9094671090. We answer home equity loan questions questions every day.

Got a Question?

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.

Your Information
Your Question

Greystone Loans, Inc.

Opening Doors to the American Dream since 1992

14726 Ramona Ave
Chino, CA 91710-5332