Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on 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 the loan over an agreed time period by making monthly payments, like with your first mortgage loan. A home equity loan also can be called a second mortgage.
The steps toward a home equity loan are similar to getting your original mortgage loan. You will be happy to know the closing costs are smaller with this loan, and even though there is a higher interest rate than a first mortgage loan, the interest can be deducted on your taxes.
If you'd like to qualify for a second mortgage, your credit must be in good standing and you must be able to document your salary. To figure out your home's current value, your lender will require a home appraisal. To check on your home equity/second mortgage choices, call us at 9094671090.
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