Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." You will repay this loan over an agreed time period by making payments monthly, like your original mortgage. The terms "home equity loan" and "second mortgage" are often used interchangeably.
You'll be familiar with the process as it is much like getting your current mortgage. Your closing costs (often 2-3& of the loan amount) are generally smaller and, although the rate of interest is larger on a home equity loan, the interest paid will be tax deductible.
If you'd like to qualify for a second mortgage, your credit must be in good standing and you should be able to verify your salary. To figure out your home's current value, your lending institution will ask for a home appraisal. To check on your home equity/second mortgage choices, contact us at 5626935048.
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