Do you need to tap into your homes 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 the equity in your home. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. The terms home equity loan and second mortgage are often used interchangeably.
The process for a home equity loan is similar to your first mortgage. The closing costs are usually lower and, although the interest rateis higher on a home equity loan, the interest paid is usually tax deductible.
To qualify for second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.
Click the APPLY ONLINE button to get approved for your home equity loan today! Rather apply by phone? Just give us a call at 800-536-5712.
