Home Equity Loan
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 your home equity is called a "home equity loan." Similar to your first mortgage, you borrow a particular sum of money to be paid back monthly over a certain period of time. A home equity loan also can be called a second mortgage.
Getting Your Home Equity Loan
Getting your current mortgage loan is a similar routine to that of a home equity loan. The closing costs (often 2-3 percent of the loan amount) are usually smaller and, although the interest rate is more on a home equity loan, the interest paid is tax deductible.
In order to qualify for a second mortgage, you need to have a reasonable credit score and you should be able to document your salary. A home appraisal will be needed to determine the home's current market value. To check on your home equity loan 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.