Do you need to tap into your homes 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 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 typically 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.
Give us a call to find out the best alternatives available for your family. We can help you reach a better financial situation in just a few short weeks.
Call Today to find out about best loan for your family. or simply apply online via our link. www.vandykfunding.com/getpreapprovednow Brian Skaar Branch Manager VanDyk Mortgage Toll Free (866) 900-2342 Office (760) 752-4480 Fax (760) 454-3888 Email: Info@VanDykfunding.com
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