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 your home equity is called a "home equity loan." You'll repay this loan over an agreed time period by making payments monthly, like with your first mortgage loan. The terms "home equity loan" and "second mortgage" can be used interchangeably.

Home Equity Loan Specifics

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

You will have to provide proof of your salary and have good credit to qualify for a second mortgage. A home appraisal is required to determine the property's market value. To talk about your home equity loan options, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. 1st Credential Mortgage Inc answers questions about home equity every day.

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