Tap into Your Home Equity


	Shopping for a mortgage loan? We can help! Call us at 719-638-0531. Ready to begin? Apply Online Now.

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'll repay this loan over an agreed period of time by making payments monthly, just like with your original mortgage. A home equity loan also can be referred to as a second mortgage.

Home Equity Loan Specifics

The steps toward a home equity loan are similar to getting your existing mortgage loan. The closing costs (often 2-3 percent of the loan amount) are usually lower and, although your interest rate is larger on a home equity loan, the interest paid can be tax deductible.

If you would like to qualify for a second mortgage, you must have a positive credit score and you should be able to document your salary. A home appraisal will be needed to determine the home's current market value. To check on your home equity/second mortgage loan choices, contact us at 719-638-0531.