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 home equity loan is a fixed-rate or adjustable-rate loan that is secured by your home equity. As with your first mortgage, you'll borrow a certain sum of money to be repaid monthly over a certain period of time. People often use the phrases "home equity loan" and "second mortgage" to mean the same thing.

Getting Your Home Equity Loan

Getting your first mortgage is a similar routine to that of a home equity loan. You will be happy to know that 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 may be deducted from your taxes.

To qualify for a second mortgage, you must have a reasonable credit score and you need to be able to verify your income. A home appraisal will be necessary to determine the home's market value. To explore your home equity choices, contact us at 630-567-1951.

Have questions about your home equity? Call us at 630-567-1951. It's our job to answer home equity loan questions, so we're happy to help!