Home Equity Loan

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 that is secured by the home equity you have built up is called a "home equity loan." You'll repay the loan over an agreed period of time by making payments monthly, like your first mortgage. A home equity loan also can be referred to as a second mortgage.

Home Equity Loan Specifics

Getting your first mortgage loan is a similar process to that of a home equity loan. Some differences are though, that the rate of interest with a home equity loan is generally more (with tax-deductible interest) with lower closing costs.

If you'd like to qualify for a second mortgage, you need to have a positive credit score and you should be able to provide documentation of your income. A home appraisal will be necessary to assess the property's current market value. To check on your home equity/second mortgage choices, contact us at 8557558700.

Have questions about your home equity? Call us at 8557558700. It's our job to answer home equity loan questions, so we're happy to help!