Do you want 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 that is 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 with your first mortgage. A home equity loan at times is also referred to as a second mortgage.
You will be comfortable with the process as it is a lot like the process toward your current mortgage. Some differences are though, that the interest rate with a home equity loan is usually more (with tax deductible interest) with smaller closing costs.
You will have to provide proof of your income and have good credit to qualify for a second mortgage. To determine your home's current value, your lender will require a home appraisal. To talk about your home equity/second mortgage loan choices, call us at 5626935048.
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