Home Equity Loan
Do you want 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 secured by your home equity is called a "home equity loan." As with your first mortgage, you borrow a particular amount to be repaid monthly over a certain period of time. A home equity loan can also be called a second mortgage.
Getting Your Home Equity Loan
The process for a home equity loan is similar to getting your current mortgage loan. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax deductible interest) with smaller closing costs.
To qualify for a second mortgage, your credit has to be in good standing and you should be able to provide documentation of your salary. To determine your home's market value, your lending institution will ask for an appraisal of your home. To talk about your home equity loan choices, call 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.