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 is secured by the equity in your home. Similar to your first mortgage, you can borrow a specific amount to be repaid monthly over a period of time. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
You will be comfortable with the process as it's a lot like the process toward your first mortgage. Some differences are though, that the interest rate with a home equity loan is generally higher (with tax-deductible interest) with smaller closing costs.
You will have to provide salary documentation and have a reasonable credit score to qualify for a home equity loan. A home appraisal is required to calculate the property's current market value. To check on your home equity/second mortgage choices, call us at 9727982110.
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