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. A home equity loan is a fixed-rate or adjustable-rate loan that uses your home equity as collateral. As with your first mortgage, you borrow a certain sum of money to be repaid monthly over a period of time. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting Your Home Equity Loan

You will be familiar with the process as it's a lot like the process toward your first mortgage. Your closing costs (often 2-3& of the loan amount) are typically smaller and, even though your rate of interest is higher on a home equity loan, the interest can be tax deductible.

You'll have to provide income verification and have good credit to qualify for a second mortgage. A home appraisal will be needed to calculate the property's current market value. To check on your home equity loan options, call us at 303-220-7500.

Have questions about your home equity? Call us at 303-220-7500. We answer home equity loan questions questions every day.