What is a Home Equity Loan?
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Have you considered tapping into your home equity to send a child off to college, or remodel your home? In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You'll repay the loan over an agreed time period by making payments monthly, like with your first mortgage. A home equity loan also can be called a second mortgage.
Getting the Loan
You'll be comfortable with the process as it is much like the process toward your existing mortgage. You will be happy to know the closing costs are smaller with a home equity loan, and even though there is a higher interest rate than a first mortgage loan, the interest may be deducted from your taxes.
You will have to provide salary verification and have good credit to qualify for a home equity loan. A home appraisal will be needed to determine the property's current market value. To discuss your home equity choices, call us at 303-477-3889.
Have questions about your home equity? Call us at 303-477-3889. We answer home equity loan questions questions all the time.