Tap into Your Home Equity

Do you need 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 that is secured by the home equity you have built up is called a "home equity loan." Similar to your first mortgage, you'll borrow a specific sum of money to be repaid monthly over a period of time. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting the Loan

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

You'll have to provide salary documentation and have a positive credit score to qualify for a home equity loan. To figure out your home's current value, your lending institution will require a home appraisal. To talk about your home equity options, call us at 8557558700.

Have questions about your home equity? Call us at 8557558700. We answer home equity loan questions questions every day.