Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." As with your first mortgage, you can borrow a certain amount to be paid back monthly over a period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Getting your current mortgage is a similar process to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is usually more (with tax deductible interest) with smaller closing costs.
You will have to provide salary verification and have good credit to qualify for a home equity loan. A home appraisal is needed to assess the property's current market value. To talk about your home equity choices, contact us at 5626935048.
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