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 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.
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