Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. With a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You will repay your loan over an agreed period of time by making payments monthly, just like with your first mortgage. A home equity loan can also be called a second mortgage.
You'll be accustomed to the process as it's a lot like getting your current mortgage. Your closing costs (usually 2-3& of the loan amount) are generally smaller and, even though your rate of interest is more on a home equity loan, the interest paid is tax deductible.
To qualify for a second mortgage, your credit must be in good standing and you should be able to document your income. To figure out your home's current value, your lending institution will ask for an appraisal of your home. To talk about your home equity options, call us at 9094671090.
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