Home Equity Loans

Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You will repay your loan over an agreed time period by making payments monthly, like with your first mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting the Loan

Getting your current mortgage is a similar routine 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 smaller closing costs.

You'll have to document your income and have good credit to qualify for a home equity loan. A home appraisal is needed to assess the home's current market value. To explore your home equity/second mortgage options, call 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!