Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? With a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You will repay the loan over an agreed time period by making payments monthly, like with your first mortgage. A home equity loan also can be called a second mortgage.
The process for a home equity loan is similar to getting your existing mortgage loan. You will be pleased to know the closing costs are smaller with this loan, and even though there is a bigger interest rate than a traditional mortgage loan, the interest can be deducted on your taxes.
You will have to provide income documentation and have a reasonable credit score to qualify for a home equity loan. A home appraisal will be needed to assess the home's market value. To talk about your home equity/second mortgage loan options, call us at 5626935048.
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