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. In a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a sum of money to be paid back monthly over a set time frame, like you original mortgage loan. A home equity loan at times is also referred to as a second mortgage.

Getting Your Home Equity Loan

You will be accustomed to the process as it is a lot like the process toward your first mortgage. You'll be happy to learn the closing costs are lower with a home equity loan, and although there is a bigger interest rate than a first mortgage loan, the interest may be deducted from your taxes.

In order to qualify for a second mortgage, your credit needs to be in good standing and you must be able to provide documentation of your salary. A home appraisal will be needed to determine the property's current market value. To check on your home equity/second mortgage loan options, call us at 212-473-3933.

Have questions about your home equity? Call us at 212-473-3933. We answer home equity loan questions questions every day.