Home Equity Loan

Do you need 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 is secured by the equity in your home. You borrow a sum of money to be repaid with monthly payments over a set period of time, just as you have done with your first mortgage loan. The terms "home equity loan" and "second mortgage" might be used interchangeably.

Getting Your Home Equity Loan

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

You will have to provide proof of your salary and have a reasonable credit score to qualify for a home equity loan. To figure out your home's market value, your lending institution will require an appraisal of your home. To explore your home equity/second mortgage choices, 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!

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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