Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? With a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You borrow a lump sum to be paid back monthly over a set period of time, just like your first mortgage agreement. The terms "home equity loan" and "second mortgage" may be used interchangeably.
The process for a home equity loan is similar to getting your original mortgage loan. Some distinctions are though, that the interest rate with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.
If you'd like to qualify for a second mortgage, you will need a positive credit score and you should be able to document your salary. To assess your home's market value, your lender will require a home appraisal. To check on your home equity/second mortgage loan choices, call us at 5626935048.
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