Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed rate or adjustable-rate loan that uses the equity in your home as collateral. You'll repay the loan over an agreed time period by making payments monthly, like your original mortgage. A home equity loan also can be called a second mortgage.
The steps toward a home equity loan are similar to getting your first mortgage. Some distinctions are though, that the rate of interest with a home equity loan is typically higher (with tax deductible interest) with lower closing costs.
In order to qualify for a second mortgage, you need to have a reasonable credit score and you should be able to provide documentation of your income. A home appraisal will be required to calculate the home's market value. To explore your home equity choices, call us at 9727982110.
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