Home Equity Loans
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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 fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You borrow a sum of money to be paid back in monthly payments over a set time frame, similar to first mortgage loan. A home equity loan at times is also referred to as a second mortgage.
Getting Your Home Equity Loan
Getting your first mortgage loan is a process similar to that of a home equity loan. You'll be pleased to know the closing costs are smaller with a home equity loan, and even though there is a bigger interest rate than a first mortgage loan, the interest may be deducted from your taxes.
In order to qualify for a second mortgage, you will need a positive credit score and you need to be able to document your income. To assess your home's market value, your lender will require a home appraisal. To discuss your home equity loan options, call us at 972-334-0566.
Have questions about your home equity? Call us at 972-334-0566. Guaranty Federal Mortgage answers questions about home equity every day.