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 or adjustable rate loan that is secured by the equity in your home. As with your first mortgage, you can borrow a particular sum of money to be repaid monthly over a period of time. The terms "home equity loan" and "second mortgage" might be used interchangeably.

Getting the Loan

Getting your current mortgage is a process similar to that of a home equity loan. You will be pleased to learn that the closing costs are lower with this loan, and even though there is a larger interest rate than a first mortgage loan, the interest may be deducted from your taxes.

You'll have to provide salary documentation and have good credit to qualify for a home equity loan. To figure out your home's current value, your lender will ask for an appraisal of your home. To check on your home equity loan options, contact us at (281) 778-0805.

Have questions about your home equity? Call us at (281) 778-0805. We answer home equity loan questions questions all the time.

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