Tap into Your Home Equity

Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed rate or adjustable rate loan that uses your home equity as collateral. You'll repay your loan over an agreed period of time by making payments monthly, just like with your first mortgage. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting Your Home Equity Loan

You'll be familiar with the process as it's a lot like getting your first mortgage. The closing costs (often 2-3& of the loan amount) are generally lower and, even though your interest rate is bigger on a home equity loan, the interest paid will be tax deductible.

In order to qualify for a second mortgage, you need to have a positive credit score and you should be able to verify your salary. A home appraisal will be needed to calculate the property's market value. To talk about your home equity/second mortgage choices, 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 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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