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 your loan over an agreed period of time by making payments monthly, just like your original mortgage loan. A home equity loan at times is also called a second mortgage.
You'll be accustomed to the process as it's much like getting your first mortgage. You'll be happy to learn the closing costs are smaller with a home equity loan, and although there is a bigger interest rate than a first mortgage, the interest may be deducted from your taxes.
In order to qualify for a second mortgage, your credit needs to be in good standing and you must be able to provide documentation of your income. A home appraisal will be required to determine the property's current market value. To discuss your home equity/second mortgage loan choices, contact us at 5626935048.
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