Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a sum to be paid back monthly during a set time frame, like you original mortgage agreement. A home equity loan might also be called a second mortgage.
Getting your current mortgage loan 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 typically more (with tax deductible interest) with smaller closing costs.
You will have to provide income verification and have good credit to qualify for a home equity loan. A home appraisal will be required to calculate the property's market value. To check on your home equity loan options, call us at 281-797-0903.
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