Tapping into Your Home Equity

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 that is secured by the home equity you have built up is called a "home equity loan." You'll repay this loan over an agreed time period by making payments monthly, just like with your first mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.

Getting the Loan

You'll be comfortable with the process as it's much like getting your first mortgage. You will be pleased to learn the closing costs are smaller with this loan, and although there is a higher interest rate than a first mortgage, the interest may be deducted on your taxes.

You will have to provide proof of your income and have good credit to qualify for a second mortgage. To assess your home's current value, your lending institution will ask for a home appraisal. To explore your home equity/second mortgage loan choices, call us at 205-941-1484.

Have questions about your home equity? Call us at 205-941-1484. Homewood Mortgage, Inc. answers questions about home equity every day.

Get a New Loan Quote

Looking for a new home loan? Fill out the following form to get a fast quote from us.

Contact Info
Property Information
Mortgage Information