Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You will repay this loan over an agreed time period by making payments monthly, like your original mortgage loan. A home equity loan also can be called a second mortgage.
Getting your current mortgage loan is a process similar to that of a home equity loan. Your closing costs (usually 2-3 percent of the loan amount) are generally smaller and, even though your interest rate is larger on a home equity loan, the interest is tax deductible.
If you'd like to qualify for a second mortgage, your credit has to be in good standing and you must be able to document your income. A home appraisal will be required to assess the property's current market value. To explore your home equity/second mortgage choices, contact us at 9094671090.
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