Tap into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You borrow a sum to be paid back monthly during a set period of time, just like your first mortgage. You can use the terms "home equity loan" and "second mortgage" interchangeably.

Home Equity Loan Specifics

Getting your first mortgage loan is a similar process to that of a home equity loan. You'll be pleased to learn the closing costs are smaller with a home equity loan, and although there is a higher interest rate than a first mortgage, the interest may be deducted from your taxes.

You'll have to document your salary and have good credit to qualify for a second mortgage. A home appraisal is necessary to determine the home's current market value. To explore your home equity loan options, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. 1st Credential Mortgage Inc answers questions about home equity every day.

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Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.

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