Tap into Your Home Equity
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Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by the home equity you have built up is called a "home equity loan." Similar to your first mortgage, you borrow a specific amount to be paid back monthly over a certain period of time. People often use the terms "home equity loan" and "second mortgage" interchangeably.
Getting Your Home Equity Loan
Getting your current mortgage loan is a process similar to that of a home equity loan. Your closing costs (often two to three percent of the loan amount) are usually smaller and, even though your rate of interest is bigger on a home equity loan, the interest will be tax deductible.
You'll have to provide income verification and have good credit to qualify for a second mortgage. To determine your home's current value, your lender will ask for an appraisal of your home. To check on your home equity/second mortgage loan choices, contact us at (408) 255-3978.
Have questions about your home equity? Call us at (408) 255-3978. Real Estate Loan 4 U answers questions about home equity every day.