Tapping into Your Home Equity

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 fixed- or adjustable-rate loan secured by the home equity you have built up is called a "home equity loan." You'll repay this loan over an agreed time period by making payments monthly, just like your first mortgage loan. The terms "home equity loan" and "second mortgage" can be used interchangeably.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your existing mortgage loan. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax-deductible interest) with lower closing costs.

In order to qualify for a second mortgage, you will need a reasonable credit score and you need to be able to provide documentation of your income. To figure out your home's current value, your lending institution will require a home appraisal. To explore your home equity/second mortgage loan choices, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. We answer home equity loan questions questions all the time.

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