Home Equity Loan
Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. In a home equity loan, a fixed or adjustable rate loan is secured by the equity in your home. As with your first mortgage, you'll borrow a specific amount to be paid back monthly over a period of time. The terms "home equity loan" and "second mortgage" may be used interchangeably.
Getting Your Home Equity Loan
Getting your first mortgage loan is a similar routine to that of a home equity loan. Some differences are though, that the interest rate with a home equity loan is generally more (with tax-deductible interest) with smaller closing costs.
If you'd like to qualify for a second mortgage, your credit has to be in good standing and you need to be able to verify your salary. To determine your home's current value, your lender will ask for an appraisal of your home. To explore your home equity loan choices, contact us at 310-379-5997.
Have questions about your home equity? Call us at 310-379-5997. It's our job to answer home equity loan questions, so we're happy to help!