What is a Home Equity Loan?

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 that is secured by your home equity is called a "home equity loan." You will repay your loan over an agreed period of time by making monthly payments, just like with your original mortgage. People often use the phrases "home equity loan" and "second mortgage" interchangeably.

Getting Your Home Equity Loan

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

You'll have to provide income documentation and have good credit to qualify for a second mortgage. A home appraisal will be necessary to calculate the home's current market value. To talk about your home equity/second mortgage loan options, call us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. It's our job to answer home equity loan questions, so we're happy to help!

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