Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed rate or adjustable rate loan that is secured by your home equity. You'll repay this loan over an agreed time period by making monthly payments, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" can be used interchangeably.
Getting your first mortgage is a similar routine to that of a home equity loan. You will be pleased to learn the closing costs are lower with a home equity loan, and even though there is a bigger interest rate than a first mortgage loan, the interest can be deducted from your taxes.
You'll have to provide proof of your income and have a reasonable credit score to qualify for a second mortgage. To figure out your home's market value, your lending institution will ask for a home appraisal. To check on your home equity/second mortgage loan choices, contact us at 5626935048.
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