Tapping into Your Home Equity

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 the home equity you have built up is called a "home equity loan." You will repay the loan over an agreed period of time by making payments monthly, like your first mortgage loan. A home equity loan is sometimes also referred to as a second mortgage.

Home Equity Loan Specifics

You'll be accustomed to the process as it's a lot like the process toward your current mortgage. The closing costs (often two to three percent of the loan amount) are typically smaller and, even though the rate of interest is bigger on a home equity loan, the interest paid is tax deductible.

To qualify for a second mortgage, you will need a reasonable credit score and you need to be able to document your salary. To determine your home's current value, your lender will ask for a home appraisal. To explore your home equity/second mortgage options, call 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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