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 rate or adjustable-rate loan that is secured by your home equity. Similar to your first mortgage, you borrow a particular amount to be paid back monthly over a period of time. People often use the phrases "home equity loan" and "second mortgage" interchangeably.
Getting your current mortgage is a similar process to that of a home equity loan. You will be pleased to know that the closing costs are lower with a home equity loan, and even though there is a larger interest rate than a first mortgage loan, the interest may be deducted from your taxes.
You will have to document your salary and have a positive credit score to qualify for a home equity loan. A home appraisal is necessary to determine the home's current market value. To talk about your home equity choices, call us at (562) 693-5048.
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.