Tapping into Your Home Equity
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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." Similar to your first mortgage, you'll borrow a certain sum of money to be repaid monthly over a period of time. People often use the terms "home equity loan" and "second mortgage" interchangeably.
Getting Your Home Equity Loan
You'll be comfortable with the process as it is much like getting your existing mortgage. Some distinctions are though, that the rate of interest with a home equity loan is usually higher (with tax-deductible interest) with lower closing costs.
If you would like to qualify for a second mortgage, you will need a reasonable credit score and you must be able to provide documentation of your salary. A home appraisal will be required to determine the property's market value. To check on your home equity/second mortgage options, call us at 941-504-1445
Have questions about your home equity? Call us at 941-504-1445. Sherry Bitner answers questions about home equity every day.