Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." You borrow a lump sum of money to be paid back in monthly payments over a set time frame, just as you do with your original mortgage. A home equity loan might also be referred to as a second mortgage.
You'll be accustomed to the process as it is much like getting your existing mortgage. Some distinctions are though, that the interest rate with a home equity loan is generally higher (with tax deductible interest) with smaller closing costs.
In order to qualify for a second mortgage, you will need a reasonable credit score and you need to be able to verify your income. To figure out your home's market value, your lender will require a home appraisal. To check on your home equity options, call us at 9094671090.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.