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 is secured by the equity in your home. As with your first mortgage, you can borrow a specific sum of money to be paid back monthly over a certain period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.
You will be comfortable with the process as it's a lot like getting your first mortgage. Some distinctions are though, that the rate of interest with a home equity loan is typically more (with tax-deductible interest) with lower closing costs.
In order to qualify for a second mortgage, you need to have a positive credit score and you need to be able to verify your income. A home appraisal is needed to calculate the property's market value. To talk about your home equity loan choices, call us at 9727982110.
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