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? With a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You'll repay your loan over an agreed time period by making payments monthly, like your original mortgage. You can use the phrases "home equity loan" and "second mortgage" to mean the same thing.

Getting the Loan

Getting your current mortgage is a similar routine to that of a home equity loan. Your closing costs (often 2-3 percent of the loan amount) are typically lower and, even though the rate of interest is larger on a home equity loan, the interest will be tax deductible.

To qualify for a second mortgage, you need to have a reasonable credit score and you need to be able to verify your salary. To assess your home's market value, your lending institution will ask for a home appraisal. To discuss your home equity loan choices, call 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.

Home Status Report

Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.

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