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? In a home equity loan, your fixed or adjustable rate loan is secured by your home equity. Similar to your first mortgage, you'll borrow a specific amount to be repaid monthly over a certain period of time. You can use the phrases "home equity loan" and "second mortgage" interchangeably.

Home Equity Loan Specifics

The process for a home equity loan is similar to getting your existing mortgage. Your closing costs (usually two to three percent of the loan amount) are usually lower and, although your interest rate is higher on a home equity loan, the interest will be tax deductible.

In order to qualify for a second mortgage, your credit must be in good standing and you should be able to document your income. To figure out your home's current value, your lending institution will ask for a home appraisal. To discuss your home equity/second mortgage loan 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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