Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You borrow a lump sum to be repaid in monthly payments during a set period of time, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Getting your current mortgage is a similar routine to that of a home equity loan. The closing costs (often 2-3& of the loan amount) are generally smaller and, although your rate of interest is bigger on a home equity loan, the interest paid is tax deductible.
You'll have to provide proof of your income and have a reasonable credit score to qualify for a second mortgage. A home appraisal will be necessary to assess the property's market value. To explore your home equity/second mortgage options, contact us at 9094671090.
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