Tap into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. Similar to your first mortgage, you'll borrow a specific amount to be repaid monthly over a period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting the Loan

The steps toward a home equity loan are similar to getting your existing mortgage. You'll be happy to learn the closing costs are smaller with a home equity loan, and even though there is a bigger interest rate than a traditional mortgage loan, the interest may be deducted from your taxes.

In order to qualify for a second mortgage, you will need a reasonable credit score and you should be able to verify your income. To determine your home's current value, your lending institution will require a home appraisal. To discuss your home equity/second mortgage loan options, call 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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