Home Equity Loan

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 or adjustable-rate loan that uses the equity in your home as collateral. Similar to your first mortgage, you can borrow a specific amount to be paid back monthly over a certain period of time. A home equity loan can also be called a second mortgage.

Home Equity Loan Specifics

You will be comfortable with the process as it's much like getting your current mortgage. You will be happy to know the closing costs are lower with a home equity loan, and although there is a larger interest rate than a traditional mortgage loan, the interest can be deducted from your taxes.

You will have to provide income verification and have good credit to qualify for a second mortgage. To figure out your home's market value, your lender will ask for an appraisal of your home. To check on 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. We answer home equity loan questions questions all the time.

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