Tapping 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 your home equity. You borrow a lump sum to be repaid with monthly payments over a set period of time, just like your original mortgage. People often use the terms "home equity loan" and "second mortgage" interchangeably.

Getting Your Home Equity Loan

Getting your first mortgage is a similar routine to that of a home equity loan. Your closing costs (often two to three percent of the loan amount) are usually smaller and, although your interest rate is higher on a home equity loan, the interest paid will be tax deductible.

If you'd like to qualify for a second mortgage, you will need a positive credit score and you need to be able to provide documentation of your income. To determine your home's current value, your lending institution will require an appraisal of your home. To discuss your home equity options, call us at (781) 740 4161.

Have questions about your home equity? Call us at (781) 740 4161. We answer home equity loan questions questions every day.