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 your home equity is called a "home equity loan." You borrow a lump sum to be repaid with monthly payments over a set time frame, similar to original mortgage. A home equity loan is sometimes also referred to as a second mortgage.

Home Equity Loan Specifics

You'll be comfortable with the process as it is much like the process toward your first mortgage. Some distinctions are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.

To qualify for a second mortgage, you will need a positive credit score and you should be able to verify your income. A home appraisal is required to determine the home's current market value. To talk about your home equity 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 every day.

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