Home Equity Loans

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 the home equity you have built up is called a "home equity loan." You borrow a sum of money to be paid back monthly during a set time frame, just like your original mortgage loan. A home equity loan also can be referred to as a second mortgage.

Getting the Loan

The process for a home equity loan is similar to getting your first mortgage. Some differences are though, that the interest rate with a home equity loan is generally higher (with tax deductible interest) with lower closing costs.

If you'd like to qualify for a second mortgage, you must have a positive credit score and you need to be able to verify your income. A home appraisal is needed to determine the home's market value. To discuss your home equity loan options, 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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