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 or adjustable rate
loan that is secured by the equity in your home. With a home equity loan, you borrow
a lump sum of money to be paid back monthly over a set
time frame, much like your first mortgage. The
terms home equity loan and second mortgage are often
used interchangeably.
The process for a home equity loan
is similar to your first mortgage. The closing costs (often
2-3 percent of the loan amount) are usually lower and,
although the interest rateis
higher on a home equity loan, the interest
paid is tax deductible.
To qualify for second mortgage, your credit must be in
good standing and you must be able to document your
income. An appraisal will be required on your home
to determine the home's market value.
Copyright 03/16/10 NH HOME TEAM
Copyright
2010 Northern New England Real Estate Network, Inc. All rights reserved.
This property's agent is from This
information is deemed reliable but not guaranteed. The data relating
to real estate for sale on this web site comes in part from the IDX
Program of NNEREN. Data last updated
March 16th, 2010
NH HOME
TEAM
Box 112 Goffstown NH 03045
1-800-398-3255