Tap into Your Home Equity
Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed rate or adjustable-rate loan that is secured by your home equity. You borrow a certain amount to be repaid in monthly payments over a set period of time, similar to first mortgage loan. A home equity loan also can be called a second mortgage.
Getting Your Home Equity Loan
Getting your current mortgage is a process similar to that of a home equity loan. You'll be happy to learn that the closing costs are lower with this loan, and even though there is a higher interest rate than a traditional mortgage loan, the interest may be deducted from your taxes.
You will have to provide proof of your salary and have a reasonable credit score to qualify for a second mortgage. A home appraisal is required to determine the property's market value. To explore your home equity/second mortgage loan options, contact us at (512) 422-9036.
Have questions about your home equity? Call us at (512) 422-9036. We answer home equity loan questions questions all the time.
Please fill out the form below to get a quick quote on your loan needs.