Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. 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 sum of money to be repaid monthly over a certain period of time. A home equity loan at times is also called a second mortgage.
Getting your current mortgage loan is a process similar to that of a home equity loan. Some distinctions are though, that the interest rate with a home equity loan is generally higher (with tax-deductible interest) with lower closing costs.
You will have to provide income documentation and have a positive credit score to qualify for a second mortgage. A home appraisal will be necessary to calculate the home's market value. To explore your home equity/second mortgage loan choices, contact us at (562) 693-5048.
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