Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed rate or adjustable rate loan that is secured by the equity in your home. You borrow a certain amount of money to be paid back in monthly payments over a set time frame, much like your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.
You will be comfortable with the process as it is a lot like the process toward your current mortgage. Your closing costs (often 2-3& of the loan amount) are typically smaller and, even though your rate of interest is larger on a home equity loan, the interest is tax deductible.
You will have to provide salary verification and have good credit to qualify for a home equity loan. To determine your home's market value, your lender will ask for an appraisal of your home. To check on your home equity/second mortgage loan choices, call us at 9094671090.
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