What is a Home Equity Loan?

Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. With a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. As with your first mortgage, you can borrow a certain sum of money to be repaid monthly over a certain period of time. You can use the phrases "home equity loan" and "second mortgage" interchangeably.

Getting Your Home Equity Loan

You will be familiar with the process as it is a lot like getting your current mortgage. Some distinctions are though, that the rate of interest with a home equity loan is generally higher (with tax deductible interest) with lower closing costs.

If you would like to qualify for a second mortgage, your credit has to be in good standing and you need to be able to document your salary. A home appraisal is needed to determine the property's current market value. 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. It's our job to answer home equity loan questions, so we're happy to help!

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