What is a Home Equity Loan?

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.

Getting Your Home Equity Loan

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.

Have questions about your home equity? Call us at 5626935048. It's our job to answer home equity loan questions, so we're happy to help!

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Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

8152 Painter Ave., Ste 200
Whittier, CA 90602-3760