Tap into Your Home Equity

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." As with your first mortgage, you borrow a particular amount to be paid back monthly over a certain period of time. A home equity loan also can be referred to as a second mortgage.

Getting Your Home Equity Loan

You will be familiar with the process as it is much like the process toward your first mortgage. Your closing costs (often 2-3& of the loan amount) are generally smaller and, even though your rate of interest is bigger on a home equity loan, the interest will be tax deductible.

To qualify for a second mortgage, your credit needs to be in good standing and you must be able to verify your income. A home appraisal will be necessary to determine the property's market value. To talk about your home equity choices, contact us at 9727982110.

Have questions about your home equity? Call us at 9727982110. We answer home equity loan questions questions all the time.

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Homewithloan.com

4815 State Hwy 121 Suite 2
The Colony, TX 75056