Home Equity Loans

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 fixed- or adjustable-rate loan that is secured by the home equity you have built up is called a "home equity loan." You'll repay this loan over an agreed time period by making monthly payments, like your original mortgage. People often use the phrases "home equity loan" and "second mortgage" interchangeably.

Getting Your Home Equity Loan

The steps toward a home equity loan are similar to getting your existing mortgage loan. Some distinctions are though, that the rate of interest with a home equity loan is typically more (with tax deductible interest) with lower closing costs.

You will have to document your income and have a positive credit score to qualify for a second mortgage. To figure out your home's current value, your lender will ask for an appraisal of your home. To explore your home equity/second mortgage options, contact us at 440-934-2100.