Home Equity Loans
Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You'll repay this loan over an agreed time period by making payments monthly, just like your first mortgage loan. A home equity loan at times is also referred to as a second mortgage.
Getting the Loan
The process for a home equity loan is similar to getting your existing mortgage. Some distinctions are though, that the interest rate with a home equity loan is usually higher (with tax-deductible interest) with smaller closing costs.
To qualify for a second mortgage, you will need a positive credit score and you must be able to provide documentation of your salary. 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 877-310-6200.
Have questions about your home equity? Call us at 877-310-6200. It's our job to answer home equity loan questions, so we're happy to help!
Get a New Loan Quote
Looking for a new home loan? Fill out the following form to get a fast quote from us.