Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You'll repay the loan over an agreed time period by making payments monthly, just like with your original mortgage loan. A home equity loan also can be called a second mortgage.
Getting your current mortgage is a similar process to that of a home equity loan. Your closing costs (usually 2-3& of the loan amount) are usually smaller and, although the interest rate is more on a home equity loan, the interest will be tax deductible.
In order to qualify for a second mortgage, your credit must be in good standing and you need to be able to document your salary. A home appraisal will be required to calculate the home's market value. To explore your home equity loan options, call us at 5626935048.
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