Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed-rate or adjustable-rate loan that is secured by the equity in your home. Similar to your first mortgage, you'll borrow a certain sum of money to be repaid monthly over a period of time. You can use the terms "home equity loan" and "second mortgage" interchangeably.
Getting your current mortgage is a process similar to that of a home equity loan. Some distinctions are though, that the interest rate with a home equity loan is usually more (with tax deductible interest) with smaller closing costs.
In order to qualify for a second mortgage, you will need a reasonable credit score and you must be able to provide documentation of your salary. A home appraisal will be required to calculate the home's current market value. To check on your home equity/second mortgage choices, contact us at (972)991-0080.