What is a 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 the equity in your home. You'll repay the loan over an agreed period of time by making payments monthly, like with your original mortgage. A home equity loan might also be called a second mortgage.
Getting the Loan
You'll be comfortable with the process as it's much like getting your current mortgage. You will be pleased to learn that the closing costs are smaller with a home equity loan, and even though there is a larger interest rate than a first mortgage loan, the interest can be deducted on your taxes.
To qualify for a second mortgage, your credit must be in good standing and you should be able to provide documentation of your income. A home appraisal is needed to calculate the property's market value. To talk about your home equity options, call 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!