What is a 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 fixed- or adjustable-rate loan that is secured by the home equity you have built up is called a "home equity loan." You'll repay this loan over an agreed time period by making monthly payments, like your first mortgage. A home equity loan can also be referred to as a second mortgage.

Getting Your Home Equity Loan

The steps toward a home equity loan are similar to getting your first mortgage loan. You will be happy to learn that the closing costs are lower with a home equity loan, and although there is a larger interest rate than a first mortgage, the interest may be deducted from your taxes.

In order to qualify for a second mortgage, you will need a positive credit score and you must be able to verify your salary. A home appraisal will be required to determine the home's market value. To discuss your home equity loan options, contact us at 5626935048.

Have questions about your home equity? Call us at 5626935048. Nationwide Home Loans answers questions about home equity every day.

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Nationwide Home Loans

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16211 Whittier Blvd.
Whittier, CA 90603