Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." As with your first mortgage, you'll borrow a particular amount to be paid back monthly over a certain period of time. A home equity loan also can be called a second mortgage.
Getting your first mortgage loan is a similar routine to that of a home equity loan. You will be happy to know that the closing costs are smaller with a home equity loan, and even though there is a higher interest rate than a first mortgage loan, the interest may be deducted from your taxes.
You will have to provide proof of your income and have a positive credit score to qualify for a second mortgage. To determine your home's current value, your lending institution will ask for a home appraisal. To check on your home equity loan choices, call us at 9094671090.
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