Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A home equity loan is a fixed or adjustable-rate loan that uses your home equity as collateral. You'll repay your loan over an agreed period of time by making monthly payments, just like your first mortgage. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
You will be comfortable with the process as it is a lot like the process toward your first mortgage. Some differences are though, that the interest rate with a home equity loan is generally higher (with tax-deductible interest) with smaller closing costs.
You'll have to provide proof of your salary and have good credit to qualify for a second mortgage. A home appraisal is necessary to assess the property's market value. To check on your home equity/second mortgage choices, call us at 5626935048.
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