Tapping into Your Home Equity
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Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A home equity loan is a fixed-rate or adjustable rate loan that is secured by the equity in your home. You borrow a certain amount to be repaid in monthly payments over a set period of time, just as you have done with your original mortgage agreement. A home equity loan may also be called a second mortgage.
Getting the Loan
You will be accustomed to the process as it's a lot like getting your existing mortgage. Some differences are though, that the interest rate with a home equity loan is typically more (with tax deductible interest) with smaller closing costs.
To qualify for a second mortgage, your credit must be in good standing and you must be able to verify your salary. A home appraisal will be necessary to calculate the property's current market value. To talk about your home equity/second mortgage choices, call us at (866) 298-0700.
Have questions about your home equity? Call us at (866) 298-0700. We answer home equity loan questions questions all the time.