Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable-rate loan that is secured by your home equity. You will repay this loan over an agreed time period by making monthly payments, like your first mortgage. The terms "home equity loan" and "second mortgage" are often used interchangeably.
You'll be accustomed to the process as it is a lot like getting your existing mortgage. Some differences are though, that the rate of interest with a home equity loan is typically higher (with tax deductible interest) with smaller closing costs.
In order to qualify for a second mortgage, you will need a positive credit score and you need to be able to document your income. To assess your home's current value, your lending institution will require a home appraisal. To talk about your home equity/second mortgage loan choices, contact us at 5626935048.
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