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 that is secured by your home equity is called a "home equity loan." Similar to your first mortgage, you borrow a particular sum of money to be paid back monthly over a period of time. A home equity loan may also be called a second mortgage.

Home Equity Loan Specifics

You'll be comfortable with the process as it's a lot like getting your current mortgage. You will be happy to learn that the closing costs are smaller with this loan, and although there is a larger interest rate than a traditional mortgage loan, the interest can be deducted from your taxes.

You will have to provide proof of your income and have a reasonable credit score to qualify for a second mortgage. A home appraisal is needed to assess the property's market value. To check on your home equity/second mortgage options, contact 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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