Home Equity Loans

Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a certain amount of money to be repaid with monthly payments during a set time frame, similar to original mortgage loan. A home equity loan also can be referred to as a second mortgage.

Home Equity Loan Specifics

You will be familiar with the process as it is much like getting your existing mortgage. You'll be happy to learn that the closing costs are lower with this loan, and although there is a higher interest rate than a first mortgage, the interest can be deducted on your taxes.

You'll have to provide salary verification and have good credit to qualify for a home equity loan. A home appraisal is necessary to calculate the home's current market value. To explore 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!