Home Equity Loan

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.

Getting the Loan

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.

Have questions about your home equity? Call us at 9727982110. Homewithloan.com answers questions about home equity every day.

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Homewithloan.com

4815 State Hwy 121 Suite 2
The Colony, TX 75056