Home Equity Loan
Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable-rate loan that uses the equity in your home as collateral. Similar to your first mortgage, you borrow a certain sum of money to be repaid monthly over a period of time. You can use the terms "home equity loan" and "second mortgage" interchangeably.
Getting Your Home Equity Loan
You will be accustomed to the process as it's much like the process toward your existing mortgage. Some differences are though, that the rate of interest with a home equity loan is usually higher (with tax deductible interest) with smaller closing costs.
If you'd like to qualify for a second mortgage, you must have a positive credit score and you must be able to verify your income. To figure out your home's current value, your lender will ask for a home appraisal. To explore your home equity/second mortgage choices, call us at 610-565-3600.
Have questions about your home equity? Call us at 610-565-3600. Curtis Mortgage LLC answers questions about home equity every day.