|
|
|
|
Home equity loan
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 rate is 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.
|
|
|
MMW Holdings, LLC d/b/a Trident Home Loans is a HUD Approved Equal Opportunity FHA Lender, and is licensed by: the Florida Office of Financial Regulations as a correspondent mortgage lender, #CL0800130; the Georgia Department of Banking and Finance as a mortgage lender, #23097; the Louisiana Office of Financial Institutions as a mortgage lender, #LA-C-01326; the Mississippi Dept. of Banking and Consumer Finance as a mortgage company lender, #570/2008; and the Washington Department of Financial Institutions as a mortgage broker, #510-MB-50258.
Trident Home Loans is not responsible for any typographical errors or omissions.
Trident Home Loans 913 Gulf Breeze Pkwy Suite 23 Gulf Breeze, FL 32561
Phone: Toll Free Phone: Copyright © 2010 Trident Home Loans
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map |
