There are a lot of good reasons to take out a home equity loan - debt consolidation, home improvements or education, just to name a few.  Your HEL can be tax deductible and carry a lower interest rate than another credit card.  Whatever your reasons, I am here to help.  Call me today to find out more.

Bill DiCapua

Union National Mortgage Company

(877) 989-2700 ext 201

Home equity loan

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 (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.