Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed-rate or adjustable-rate loan that is secured by your home equity. You'll repay this loan over an agreed period of time by making payments monthly, like your original mortgage. A home equity loan at times is also called a second mortgage.
Getting your current mortgage loan is a similar process to that of a home equity loan. Some differences are though, that the rate of interest with a home equity loan is typically higher (with tax-deductible interest) with smaller closing costs.
You will have to provide income verification and have a reasonable credit score to qualify for a second mortgage. To figure out your home's current value, your lending institution will require a home appraisal. To talk about your home equity/second mortgage choices, call us at (562) 693-5048.
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