Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. As with your first mortgage, you'll borrow a specific sum of money to be repaid monthly over a period of time. A home equity loan is sometimes also called a second mortgage.
Getting your current mortgage is a similar process to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is generally more (with tax-deductible interest) with lower closing costs.
If you'd like to qualify for a second mortgage, your credit must be in good standing and you need to be able to document your salary. To figure out your home's market value, your lending institution will require a home appraisal. To talk about your home equity/second mortgage loan options, contact us at 5626935048.
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