Home Equity Loan
Have you considered tapping into your home equity to send a child off to college, or remodel your home? With a home equity loan, a fixed or adjustable rate loan is secured by your home equity. Similar to your first mortgage, you borrow a certain sum of money to be repaid monthly over a period of time. A home equity loan might also be referred to as a second mortgage.
Getting the Loan
Getting your current mortgage is a similar routine to that of a home equity loan. Some distinctions are though, that the interest rate with a home equity loan is usually higher (with tax-deductible interest) with smaller closing costs.
You'll have to provide proof of your salary and have a reasonable credit score to qualify for a home equity loan. To figure out your home's current value, your lending institution will require an appraisal of your home. To explore your home equity/second mortgage choices, 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 every day.
Please fill out the form below to get a quick quote on your loan needs.