Tap 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? With a home equity loan, your fixed or adjustable rate loan is secured by your home equity. You'll repay the loan over an agreed period of time by making payments monthly, like with your first mortgage. People often use the phrases "home equity loan" and "second mortgage" interchangeably.

Home Equity Loan Specifics

The process for a home equity loan is similar to getting your first mortgage loan. Some distinctions are though, that the rate of interest with a home equity loan is usually higher (with tax deductible interest) with smaller closing costs.

To qualify for a second mortgage, you must have a positive credit score and you should be able to verify your income. A home appraisal is needed to calculate the property's market value. To check on your home equity choices, contact us at (916) 473-1317.

Have questions about your home equity? Call us at (916) 473-1317. We answer home equity loan questions questions every day.