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 home equity loan is a fixed-rate or adjustable-rate loan that is secured by your home equity. You borrow a sum to be repaid with monthly payments during a set period of time, similar to original mortgage loan. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your current mortgage loan. Your closing costs (usually two to three percent of the loan amount) are typically lower and, even though your rate of interest is more on a home equity loan, the interest paid will be tax deductible.

You'll have to provide proof of your salary and have a reasonable credit score to qualify for a home equity loan. A home appraisal is needed to assess the property's market value. To discuss your home equity/second mortgage loan choices, contact us at 866-300-1550.

Have questions about your home equity? Call us at 866-300-1550. We answer home equity loan questions questions all the time.

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