Have you considered tapping into your home equity to send a child off to college, or remodel your home? 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 can borrow a particular amount to be paid back monthly over a certain period of time. A home equity loan also can be called a second mortgage.
Getting your first mortgage is a similar process to that of a home equity loan. Your closing costs (usually two to three percent of the loan amount) are generally lower and, even though the rate of interest is more on a home equity loan, the interest paid is tax deductible.
You'll have to provide proof of your salary and have good credit to qualify for a home equity loan. A home appraisal is needed to determine the home's current market value. To check on your home equity/second mortgage choices, call us at 5626935048.
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