Tapping into Your Home Equity
Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed-rate or adjustable-rate loan that is secured by the equity in your home. Similar to your first mortgage, you'll borrow a specific sum of money to be paid back monthly over a certain period of time. People often use the phrases "home equity loan" and "second mortgage" to mean the same thing.
Home Equity Loan Specifics
Getting your first mortgage is a process similar to that of a home equity loan. Some differences are though, that the interest rate with a home equity loan is usually more (with tax-deductible interest) with lower closing costs.
You will have to provide proof of your salary and have good credit to qualify for a second mortgage. A home appraisal will be necessary to calculate the home's market value. To check on your home equity/second mortgage loan choices, call us at 305-800-3863.
Have questions about your home equity? Call us at 305-800-3863. It's our job to answer home equity loan questions, so we're happy to help!