Home Equity Loan

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'll repay your loan over an agreed time period by making payments monthly, just like your first mortgage. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting the Loan

You will be comfortable with the process as it's much like getting your current mortgage. You will be pleased to know that the closing costs are smaller with this loan, and even though there is a larger interest rate than a traditional mortgage, the interest can be deducted from your taxes.

You will have to provide income documentation and have a positive credit score to qualify for a home equity loan. A home appraisal will be required to calculate the property's current market value. To discuss your home equity/second mortgage 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.

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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