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 secured by the home equity you have built up is called a "home equity loan." You will repay this loan over an agreed time period by making monthly payments, like with your original mortgage. A home equity loan also can be referred to as a second mortgage.
Getting Your Home Equity Loan
The process for a home equity loan is similar to getting your first mortgage. You will be happy to learn the closing costs are lower with this loan, and although there is a higher interest rate than a first mortgage loan, the interest can be deducted from your taxes.
To qualify for a second mortgage, you must have a positive credit score and you need to be able to verify your salary. A home appraisal will be required to calculate the home's current market value. To explore your home equity/second mortgage loan choices, contact us at 877-310-6200.
Have questions about your home equity? Call us at 877-310-6200. We answer home equity loan questions questions every day.
Get a New Loan Quote
Looking for a new home loan? Fill out the following form to get a fast quote from us.