What is a Home Equity Loan?

Do you want to tap into your home's equity to pay for a home remodeling project or to pay off 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 will repay this loan over an agreed period of time by making payments monthly, just like your first mortgage. A home equity loan might also be called a second mortgage.

Home Equity Loan Specifics

You'll be accustomed to the process as it is a lot like getting your first mortgage. Your closing costs (usually 2-3 percent of the loan amount) are typically lower and, although the rate of interest is larger on a home equity loan, the interest is tax deductible.

To qualify for a second mortgage, you will need a positive credit score and you need to be able to verify your income. To determine your home's market value, your lender will ask for a home appraisal. To explore your home equity/second mortgage 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 every day.

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