Home Equity Loan
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Are you looking for a mortgage? We'd be thrilled to discuss your mortgage needs! Call us at 800-374-0046. Ready to get started? Apply Now. | ||
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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. As with your first mortgage, you borrow a specific sum of money to be repaid monthly over a certain period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Getting Your Home Equity Loan
The steps toward a home equity loan are similar to getting your existing mortgage loan. Your closing costs (usually 2-3 percent of the loan amount) are usually lower and, even though your interest rate is more on a home equity loan, the interest is tax deductible.
If you'd like to qualify for a second mortgage, you will need a reasonable credit score and you need to be able to verify your salary. To figure out your home's current value, your lending institution will require an appraisal of your home. To talk about your home equity/second mortgage loan choices, contact us at 800-374-0046.
