Home Equity Loan
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Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. With a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. You borrow a certain amount of money to be paid back monthly during a set time frame, just as you have done with your original mortgage agreement. People often use the terms "home equity loan" and "second mortgage" to mean the same thing.
Home Equity Loan Specifics
The process for a home equity loan is similar to getting your existing mortgage loan. Some differences are though, that the interest rate with a home equity loan is typically higher (with tax-deductible interest) with lower closing costs.
You will have to provide proof of your income and have good credit to qualify for a home equity loan. To determine your home's current value, your lender will ask for an appraisal of your home. To explore your home equity/second mortgage choices, call us at 713-370-LOAN(5626) .