Home Equity Loan

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.

Home Equity Loan Specifics

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.

Have questions about your home equity? Call us at 9727982110. We answer home equity loan questions questions every day.

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Homewithloan.com

4815 State Hwy 121 Suite 2
The Colony, TX 75056