Tapping into Your Home Equity
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Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You will repay your loan over an agreed time period by making monthly payments, like with your original mortgage. A home equity loan might also be called a second mortgage.
Home Equity Loan Specifics
The steps toward a home equity loan are similar to getting your first mortgage loan. Some distinctions are though, that the rate of interest with a home equity loan is usually more (with tax deductible interest) with smaller closing costs.
You'll have to provide salary documentation and have a reasonable credit score to qualify for a second mortgage. To determine your home's market value, your lender will require a home appraisal. To explore your home equity/second mortgage loan options, call us at 781-273-3912.
Have questions about your home equity? Call us at 781-273-3912. We answer home equity loan questions questions every day.