Home Equity Loans

Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You borrow a lump sum of money to be repaid monthly during a set period of time, much like your original mortgage agreement. A home equity loan may also be referred to as a second mortgage.

Getting Your Home Equity Loan

Getting your first mortgage is a similar process to that of a home equity loan. You'll be pleased to know that the closing costs are lower with this loan, and although there is a higher interest rate than a traditional mortgage, the interest can be deducted from your taxes.

If you'd like to qualify for a second mortgage, your credit has to be in good standing and you must be able to document your income. A home appraisal is needed to determine the home's market value. To discuss your home equity/second mortgage 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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