Home Equity Loan
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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 borrow a lump sum to be repaid monthly during a set period of time, just like your first mortgage. A home equity loan might also be referred to as a second mortgage.
Getting the Loan
Getting your current mortgage is a process similar to that of a home equity loan. Your closing costs (usually 2-3 percent of the loan amount) are typically smaller and, although the interest rate is larger on a home equity loan, the interest can be tax deductible.
You'll have to document your salary and have a positive credit score to qualify for a second mortgage. To assess your home's current value, your lender will ask for a home appraisal. To talk about your home equity choices, contact us at (800) 763-7154 EXT 3.
Have questions about your home equity? Call us at (800) 763-7154 EXT 3. We answer home equity loan questions questions all the time.
Home Status Report
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