Home Equity Loans

Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You borrow a lump sum of money to be paid back monthly during a set time frame, like you first mortgage loan. A home equity loan also can be called a second mortgage.

Home Equity Loan Specifics

Getting your current mortgage loan is a similar routine to that of a home equity loan. Your closing costs (usually two to three percent of the loan amount) are typically lower and, even though your rate of interest is larger on a home equity loan, the interest paid can be tax deductible.

You will have to provide income documentation and have a reasonable credit score to qualify for a home equity loan. A home appraisal is required to assess the home's market value. To check on your home equity/second mortgage 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.

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