Tapping into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed or adjustable-rate loan that is secured by the equity in your home. You'll repay your loan over an agreed time period by making payments monthly, like your first mortgage. A home equity loan may also be called a second mortgage.

Home Equity Loan Specifics

Getting your first mortgage loan is a process similar to that of a home equity loan. Your closing costs (usually two to three percent of the loan amount) are generally lower and, although your rate of interest is higher on a home equity loan, the interest is tax deductible.

If you would like to qualify for a second mortgage, your credit needs to be in good standing and you should be able to document your income. To assess your home's market value, your lending institution will require an appraisal of your home. To discuss your home equity/second mortgage choices, contact us at 3032207500.

Have questions about your home equity? Call us at 3032207500. We answer home equity loan questions questions all the time.