Tap into Your Home Equity
||Considering a Home Equity Line of Credit (HELOC)? We'll be glad to help you clarify your options, and get you the loan you need! Give us a call today at (831) 459-6073. Ready to get started? Apply Here.
Do you need to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed-rate or adjustable-rate loan that is secured by your home's equity. As with your first mortgage, you'll borrow a specific sum of money to be paid back monthly over a certain period of time. A home equity loan is also referred to as a second mortgage.
Getting Your Home Equity Loan
The process for getting a home equity loan is similar to getting your first mortgage. You'll have to provide income verification and have acceptable credit to qualify. To determine your home's market value, the lender may require a home appraisal.
Depending on your particular circumstances, it may be financially more advantageous for you to obtain your HELOC directly from a bank rather than through our broker services. We'll be glad to explore your options with you and, if we can't do better than the banks, we'll refer you to the bank with the best HELOC deal in the area. When we say we're here to serve your best interest, we're not kidding!
Have more questions about your home equity? Call us at (831) 459-6073. First Residential Mortgage answers questions about home equity loans every day.