Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You will repay the loan over an agreed time period by making monthly payments, like with your original mortgage loan. The terms "home equity loan" and "second mortgage" may be used interchangeably.
Getting your first mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is typically more (with tax deductible interest) with lower closing costs.
You will have to provide income documentation and have good credit to qualify for a home equity loan. To figure out your home's market value, your lending institution will ask for an appraisal of your home. To explore your home equity loan choices, call us at 5626935048.
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