Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You'll repay your loan over an agreed period of time by making monthly payments, just like your first mortgage loan. A home equity loan is sometimes also called a second mortgage.
The process for a home equity loan is similar to getting your first mortgage loan. Some distinctions are though, that the interest rate with a home equity loan is typically higher (with tax deductible interest) with smaller 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 document your income. A home appraisal is necessary to determine the home's market value. To discuss your home equity options, call us at 9727982110.
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