Tap into Your Home Equity

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, a fixed or adjustable rate loan is secured by the equity in your home. As with your first mortgage, you borrow a certain sum of money to be repaid monthly over a certain period of time. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.

Home Equity Loan Specifics

The process for a home equity loan is similar to getting your original mortgage loan. The closing costs (often 2-3& of the loan amount) are typically lower and, although the rate of interest is higher on a home equity loan, the interest paid can be tax deductible.

You'll have to provide proof of your income and have good credit to qualify for a second mortgage. To figure out your home's current value, your lender will require a home appraisal. To discuss your home equity options, contact us at 3032207500.

Have questions about your home equity? Call us at 3032207500. It's our job to answer home equity loan questions, so we're happy to help!