What is a Home Equity Loan?
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Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." As with your first mortgage, you'll borrow a particular amount to be paid back monthly over a certain period of time. A home equity loan is sometimes also referred to as a second mortgage.
Getting Your Home Equity Loan
Getting your current mortgage loan is a similar process to that of a home equity loan. Some differences are though, that the interest rate with a home equity loan is generally more (with tax-deductible interest) with lower closing costs.
If you would like to qualify for a second mortgage, your credit has to be in good standing and you must be able to document your salary. To determine your home's current value, your lender will ask for a home appraisal. To discuss your home equity/second mortgage choices, contact us at 503-690-3088.
Have questions about your home equity? Call us at 503-690-3088. Mortgage Experts, Inc. answers questions about home equity every day.