Home Equity Loan

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 uses your home equity as collateral. You borrow a certain amount to be repaid monthly over a set time frame, just as you have done with your first mortgage. A home equity loan also can be referred to as a second mortgage.

Getting the Loan

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

You will have to provide income verification and have a positive credit score to qualify for a second mortgage. A home appraisal will be required to calculate the property's market value. To check on your home equity/second mortgage options, contact us at 972.798.2110.

Have questions about your home equity? Call us at 972.798.2110. It's our job to answer home equity loan questions, so we're happy to help!

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