Tap into Your Home Equity
Shopping for a mortgage loan? We'll be glad to discuss our many mortgage solutions! Call us at (972) 818-0022. Ready to get started? Apply Now
Do you need 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 is secured by your home equity. You will repay the loan over an agreed period of time by making monthly payments, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" might be used interchangeably.
Home Equity Loan Specifics
Getting your first mortgage loan is a process similar to that of a home equity loan. Your closing costs (often 2-3 percent of the loan amount) are typically lower and, although the rate of interest is bigger on a home equity loan, the interest is tax deductible.
You'll have to provide proof of your salary and have a reasonable credit score to qualify for a home equity loan. A home appraisal will be required to determine the property's current market value. To check on your home equity loan options, contact us at (972) 818-0022.
Have questions about your home equity? Call us at (972) 818-0022. It's our job to answer home equity loan questions, so we're happy to help!