Home Equity Loans
Are you looking for a new mortgage? We'd be thrilled to answer your questions about our many mortgage solutions! Give us a call at 310-975-9739. Want to get started? Apply 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 secured by the home equity you have built up is called a "home equity loan." You will repay this loan over an agreed period of time by making monthly payments, like with your original mortgage loan. The terms "home equity loan" and "second mortgage" may be used interchangeably.
Home Equity Loan Specifics
Getting your first mortgage loan is a process similar to that of a home equity loan. Some differences are though, that the rate of interest with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.
You'll have to provide salary verification and have good credit to qualify for a second mortgage. To assess your home's market value, your lender will ask for a home appraisal. To talk about your home equity loan choices, call us at 310-975-9739.
Have questions about your home equity? Call us at 310-975-9739. HENRY MUNOZ LOAN OFFICER & SOUTH BAY EQUITY LENDING answers questions about home equity every day.