Home Equity Loans

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Do you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed rate or adjustable rate loan that is secured by your home equity. You will repay the loan over an agreed period of time by making payments monthly, just like your first mortgage loan. The terms "home equity loan" and "second mortgage" may be used interchangeably.

Getting Your Home Equity Loan

The steps toward a home equity loan are similar to getting your existing mortgage. Your closing costs (usually 2-3& of the loan amount) are generally lower and, even though your interest rate is higher on a home equity loan, the interest paid will be tax deductible.

If you'd like to qualify for a second mortgage, your credit must be in good standing and you must be able to document your salary. A home appraisal is needed to calculate the property's market value. To check on your home equity loan options, contact us at 269-282-1612.

Have questions about your home equity? Call us at 269-282-1612. It's our job to answer home equity loan questions, so we're happy to help!