What is a Home Equity Loan?

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." Similar to your first mortgage, you can borrow a specific sum of money to be repaid monthly over a certain period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting Your Home Equity Loan

Getting your current mortgage is a process similar to that of a home equity loan. Some differences are though, that the rate of interest with a home equity loan is usually more (with tax deductible interest) with lower closing costs.

In order to qualify for a second mortgage, you must have a reasonable credit score and you need to be able to verify your salary. A home appraisal will be needed to assess the home's current market value. To discuss your home equity options, contact us at 972.798.2110.

Have questions about your home equity? Call us at 972.798.2110. We answer home equity loan questions questions every day.

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