Home Equity Loans
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-rate or adjustable rate loan that is secured by the equity in your home. Similar to your first mortgage, you'll borrow a certain sum of money to be paid back monthly over a period of time. A home equity loan also can be called a second mortgage.
Getting the Loan
You will be accustomed to the process as it's a lot like getting your current mortgage. Some distinctions are though, that the interest rate with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.
To qualify for a second mortgage, your credit needs to be in good standing and you need to be able to document your income. To figure out your home's current value, your lender will require an appraisal of your home. To explore your home equity options, call us at 303-220-7500.
Have questions about your home equity? Call us at 303-220-7500. One Source Lending 303-220-7500 answers questions about home equity every day.