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 fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." Similar to your first mortgage, you borrow a specific amount to be paid back monthly over a certain period of time. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.
Getting your current mortgage loan is a process similar to that of a home equity loan. You will be pleased to know that the closing costs are smaller with this loan, and even though there is a higher interest rate than a first mortgage loan, the interest may be deducted from your taxes.
If you'd like to qualify for a second mortgage, your credit needs to be in good standing and you should be able to provide documentation of your salary. To figure out your home's market value, your lending institution will require a home appraisal. To check on your home equity loan options, call us at (562) 693-5048.
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