Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You'll repay this loan over an agreed time period by making monthly payments, like with your first mortgage. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
You'll be accustomed to the process as it is a lot like getting your current mortgage. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax deductible interest) with smaller closing costs.
In order to qualify for a second mortgage, you will need a reasonable credit score and you should be able to document your salary. A home appraisal is necessary to assess the home's market value. To talk about your home equity options, contact us at 5626935048.
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