Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by the home equity you have built up is called a "home equity loan." As with your first mortgage, you borrow a specific sum of money to be paid back monthly over a certain period of time. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Getting your first mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is typically more (with tax-deductible interest) with smaller closing costs.
If you'd like to qualify for a second mortgage, you must have a positive credit score and you need to be able to verify your income. To figure out your home's current value, your lending institution will require a home appraisal. To discuss your home equity options, contact us at 5626935048.
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