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 the home equity you have built up is called a "home equity loan." Similar to your first mortgage, you can borrow a specific sum of money to be repaid monthly over a certain period of time. The terms "home equity loan" and "second mortgage" can be used interchangeably.
You will be accustomed to the process as it's much like the process toward your current mortgage. You'll be pleased to know the closing costs are smaller with this loan, and even though there is a higher interest rate than a first mortgage, the interest can be deducted on your taxes.
You'll have to provide salary documentation and have a reasonable credit score to qualify for a home equity loan. A home appraisal will be necessary to assess the home's market value. To talk about your home equity loan choices, call us at 9094671090.
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