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Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. You borrow a sum to be paid back with monthly payments over a set time frame, like you first mortgage. You can use the terms "home equity loan" and "second mortgage" to mean the same thing.
Home Equity Loan Specifics
Getting your current mortgage is a process similar to that of a home equity loan. You'll be pleased to learn the closing costs are lower with a home equity loan, and even though there is a higher interest rate than a first mortgage loan, the interest can be deducted from your taxes.
If you would like to qualify for a second mortgage, your credit needs to be in good standing and you should be able to verify your income. A home appraisal will be needed to calculate the home's market value. To check on your home equity/second mortgage choices, contact us at 678.539.8100.
Have questions about your home equity? Call us at 678.539.8100. STELLAR mortgage corporation answers questions about home equity every day.
