Home Equity Loan

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Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan secured by your home equity is called a "home equity loan." You will repay this loan over an agreed period of time by making monthly payments, like your first mortgage loan. You can use the phrases "home equity loan" and "second mortgage" interchangeably.

Home Equity Loan Specifics

You'll be familiar with the process as it's much like the process toward your existing mortgage. You'll be pleased to learn that the closing costs are smaller with a home equity loan, and even though there is a bigger interest rate than a traditional mortgage, the interest may be deducted from your taxes.

If you would like to qualify for a second mortgage, you need to have a positive credit score and you need to be able to provide documentation of your income. A home appraisal is required to assess the home's current market value. To check on your home equity/second mortgage loan choices, call us at 203 975 8552.

Have questions about your home equity? Call us at 203 975 8552. It's our job to answer home equity loan questions, so we're happy to help!