Tap into Your Home Equity

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Perhaps you are considering tapping into your home equity to renovate your kitchen, or take care of the balance on a credit card. A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You borrow a sum to be repaid monthly during a set period of time, similar to first mortgage agreement. A home equity loan is sometimes also called a second mortgage.

Home Equity Loan Specifics

Getting your first mortgage is a similar process to that of a home equity loan. You'll be pleased to learn that the closing costs are smaller with this loan, and even though there is a bigger interest rate than a first mortgage, the interest can be deducted on your taxes.

You'll have to provide income documentation and have a positive credit score to qualify for a home equity loan. To figure out your home's current value, your lending institution will ask for a home appraisal. To check on your home equity loan options, call us at 866-300-1550.

Have questions about your home equity? Call us at 866-300-1550. Metro Mortgage answers questions about home equity every day.

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