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 uses the equity in your home as collateral. You borrow a lump sum to be repaid with monthly payments over a set time frame, just as you do with your first mortgage. You can use the terms "home equity loan" and "second mortgage" interchangeably.

Getting the Loan

The steps toward a home equity loan are similar to getting your current mortgage loan. You will be pleased to know that the closing costs are lower with this loan, and although there is a bigger interest rate than a first mortgage, the interest can be deducted from your taxes.

In order to qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. To assess your home's market value, your lender will ask for an appraisal of your home. To talk about your home equity/second mortgage loan options, call us at (562) 693-5048.

Have questions about your home equity? Call us at (562) 693-5048. It's our job to answer home equity loan questions, so we're happy to help!

Home Status Report

Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.

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