Home Equity Loans
||Are you looking for a new mortgage loan? We'll be glad to answer your questions about our many mortgage solutions! Give us a call today in Le Mars at 712-546-4175, in Sioux Center at 712-722-4545, or in Sioux City at 712-224-5400. Want to get started? Apply Online Now.
Have you considered tapping into your home equity to send a child off to college, or remodel your home? A fixed- or adjustable-rate loan that is secured by your home equity is called a "home equity loan." You'll repay the loan over an agreed time period by making payments monthly, just like your original mortgage loan. The terms "home equity loan" and "second mortgage" are often used interchangeably.
Home Equity Loan Specifics
The process for a home equity loan is similar to getting your first mortgage loan. Some distinctions are though, that the rate of interest with a home equity loan is typically more (with tax deductible interest) with lower closing costs.
To qualify for a second mortgage, your credit has to be in good standing and you should be able to document your income. To determine your home's market value, your lending institution will require an appraisal of your home.
To discuss your home equity options, contact us in Le Mars at 712-546-4175, in Sioux Center at 712-722-4545, or in Sioux City at 712-224-5400. It's our job to answer home equity loan questions, so we're happy to help!