Home Equity Loans

Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You borrow a certain amount to be paid back monthly over a set time frame, similar to original mortgage loan. A home equity loan also can be called a second mortgage.

Getting the Loan

The process for a home equity loan is similar to getting your first mortgage loan. The closing costs (often 2-3& of the loan amount) are generally smaller and, even though your interest rate is higher on a home equity loan, the interest paid will be tax deductible.

In order to qualify for a second mortgage, you will need a positive credit score and you need to be able to document your income. To figure out your home's market value, your lending institution will ask for an appraisal of your home. To check on your home equity/second mortgage loan choices, contact us at 214-300-8756.

Have questions about your home equity? Call us at 214-300-8756. It's our job to answer home equity loan questions, so we're happy to help!