Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. Similar to your first mortgage, you can borrow a certain amount to be paid back monthly over a period of time. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
Getting your first mortgage is a similar process to that of a home equity loan. Your closing costs (usually two to three percent of the loan amount) are generally lower and, even though the rate of interest is larger on a home equity loan, the interest paid will be tax deductible.
If you would like to qualify for a second mortgage, your credit must be in good standing and you need to be able to verify your salary. A home appraisal is required to assess the property's market value. To talk about your home equity loan choices, call us at 5626935048.
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