Home Equity Loan
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, your fixed or adjustable rate loan is secured by your home equity. You borrow a lump sum to be repaid monthly over a set period of time, like you original mortgage loan. A home equity loan also can be referred to as a second mortgage.
Getting Your Home Equity Loan
You will be accustomed to the process as it is a lot like the process toward your current mortgage. You'll be happy to know the closing costs are smaller with this loan, and even though there is a bigger interest rate than a first mortgage loan, the interest can be deducted from your taxes.
To qualify for a second mortgage, your credit has to be in good standing and you need to be able to verify your salary. A home appraisal is necessary to determine the home's current market value. To check on your home equity/second mortgage loan choices, call us at (909) 467-1090.