Home Equity Loans
Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." You borrow a lump sum to be repaid in monthly payments during a set period of time, just like your original mortgage. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
Getting Your Home Equity Loan
Getting your first mortgage is a similar routine to that of a home equity loan. The closing costs (usually 2-3& of the loan amount) are usually lower and, although your rate of interest is larger on a home equity loan, the interest paid can be tax deductible.
You'll have to document your salary and have a positive credit score to qualify for a home equity loan. To figure out your home's market value, your lender will ask for a home appraisal. To explore 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!