Home Equity Loans

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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 your home equity. You borrow a sum to be paid back monthly during a set time frame, just as you do with your first mortgage. A home equity loan is sometimes also referred to as a second mortgage.

Getting Your Home Equity Loan

Getting your current mortgage is a similar routine to that of a home equity loan. Some distinctions are though, that the interest rate 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, your credit must be in good standing and you must be able to verify your income. To assess your home's current value, your lending institution will require an appraisal of your home. To talk about your home equity choices, contact us at 952-929-2577.

Have questions about your home equity? Call us at 952-929-2577. We answer home equity loan questions questions all the time.