Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A home equity loan is a fixed or adjustable-rate loan that uses your home equity as collateral. Similar to your first mortgage, you'll borrow a particular amount to be repaid monthly over a period of time. A home equity loan is sometimes also called a second mortgage.
Getting your current mortgage is a similar routine to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is usually higher (with tax deductible interest) with lower closing costs.
If you would like to qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. To determine your home's current value, your lender will ask for an appraisal of your home. To discuss your home equity loan choices, call us at 9727982110.
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