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? A home equity loan is a fixed rate or adjustable rate loan that is secured by the equity in your home. Similar to your first mortgage, you can borrow a particular amount to be paid back monthly over a certain period of time. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
Home Equity Loan Specifics
Getting your current mortgage is a similar routine to that of a home equity loan. Some differences 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 income documentation and have good credit to qualify for a second mortgage. A home appraisal will be required to determine the property's market value. To talk about your home equity/second mortgage choices, call us at 214-300-8756.
Have questions about your home equity? Call us at 214-300-8756. We answer home equity loan questions questions every day.