What is a Home Equity Loan?

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A home equity loan is a fixed rate or adjustable-rate loan that uses your home equity as collateral. You'll repay the loan over an agreed time period by making payments monthly, like with your first mortgage loan. The terms "home equity loan" and "second mortgage" might be used interchangeably.

Getting Your Home Equity Loan

You'll be accustomed to the process as it's a lot like the process toward your existing mortgage. You will be pleased to know that the closing costs are lower with a home equity loan, and even though there is a higher interest rate than a first mortgage loan, the interest can be deducted from your taxes.

You will have to provide proof of your salary and have good credit to qualify for a second mortgage. To determine your home's current value, your lending institution will require an appraisal of your home. To talk about your home equity/second mortgage options, call 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!

Home Status Report

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

16211 Whittier Blvd.
Whittier, CA 90603