Home Equity Loans

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'll repay the loan over an agreed time period by making payments monthly, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" can be used interchangeably.

Getting Your Home Equity Loan

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

You'll have to provide proof of your income and have a positive credit score to qualify for a home equity loan. A home appraisal is necessary to determine the home's current market value. To explore your home equity loan choices, 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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