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 home equity loan is a fixed or adjustable rate loan that uses the equity in your home as collateral. You'll repay this loan over an agreed time period by making payments monthly, like with your first mortgage. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Home Equity Loan Specifics
Getting your current mortgage loan is a process similar to that of a home equity loan. The closing costs (usually two to three percent of the loan amount) are usually smaller and, although your interest rate is higher on a home equity loan, the interest can be tax deductible.
In order to qualify for a second mortgage, your credit must be in good standing and you must be able to provide documentation of your salary. A home appraisal is required to assess the home's market value. To explore your home equity/second mortgage options, contact us at 303-220-7500.
Have questions about your home equity? Call us at 303-220-7500. It's our job to answer home equity loan questions, so we're happy to help!