Home Equity Loans
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 secured by your home equity is called a "home equity loan." You borrow a sum of money to be paid back in monthly payments over a set period of time, just like your first mortgage agreement. You can use the phrases "home equity loan" and "second mortgage" to mean the same thing.
Home Equity Loan Specifics
Getting your current mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is generally more (with tax deductible interest) with lower closing costs.
You will have to document your salary and have a positive credit score to qualify for a home equity loan. A home appraisal will be needed to determine the property's current market value. To explore your home equity choices, contact us at (909) 467-1090.