What is a 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? With a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a lump sum to be paid back with monthly payments over a set time frame, much like your first mortgage loan. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.

Getting the Loan

Getting your first mortgage is a similar process to that of a home equity loan. Some distinctions are though, that the rate of interest with a home equity loan is generally more (with tax deductible interest) with lower closing costs.

You'll have to provide proof of your income and have good credit to qualify for a second mortgage. A home appraisal is required to assess the property's current market value. To discuss your home equity choices, call us at 281-797-0903.

Have questions about your home equity? Call us at 281-797-0903. We answer home equity loan questions questions all the time.

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