Tapping into Your Home Equity
Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. As with your first mortgage, you borrow a particular amount to be repaid monthly over a period of time. People often use the phrases "home equity loan" and "second mortgage" to mean the same thing.
Getting Your Home Equity Loan
The steps toward a home equity loan are similar to getting your original mortgage loan. You'll be pleased to learn that the closing costs are smaller with this loan, and even though there is a higher interest rate than a traditional mortgage loan, the interest may be deducted from your taxes.
In order to qualify for a second mortgage, your credit has to be in good standing and you should be able to document your salary. To assess your home's market value, your lending institution will require a home appraisal. To explore your home equity/second mortgage choices, contact us at 877-310-6200.
Have questions about your home equity? Call us at 877-310-6200. Mario Vega answers questions about home equity every day.
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