Home Equity Loans

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A home equity loan is a fixed-rate or adjustable rate loan that uses the equity in your home as collateral. You borrow a sum of money to be paid back monthly over a set period of time, like you first mortgage. The terms "home equity loan" and "second mortgage" can be used interchangeably.

Getting the Loan

You'll be comfortable with the process as it's a lot like getting your first mortgage. You will be pleased to learn that the closing costs are smaller with a home equity loan, and although there is a higher interest rate than a traditional mortgage, the interest may be deducted on your taxes.

You will have to provide proof of your salary and have good credit to qualify for a second mortgage. A home appraisal is necessary to assess the property's market value. To explore your home equity loan choices, 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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