What is a Home Equity Loan?

Shopping for a home equity loans? We will be glad to assist you! Call us at 619-542-7744. Ready to begin? Apply Here.

If you own a home, now is the time to be searching for California home equity rates. Rates have never been lower on home equity loans, which allow you to borrow the amount owed on your property subtracted from its fair market value. 

When doing research on California home equity rates, it's important to be familiar with the two types of home equity products: home equity lines of credit (HELOC) and second mortgages (home equity loans). When you get a home equity line, you obtain the right to draw money, whenever you want, over a certain period of time. You only pay interest on the amount you borrow. For second mortgages, you obtain a lump sum of money. The interest rate and monthly payments are fixed.

Getting Your Home Equity Loan

Getting your current mortgage is a similar routine to that of a home equity loan. Some distinctions are though, that the interest rate with a home equity loan is usually more (with tax-deductible interest) with smaller closing costs.

You will have to provide salary verification and have good credit to qualify for a home equity loan. A home appraisal will be needed to assess the property's current market value. To discuss your home equity loan options, contact us at 619-542-7744.

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Metro Express Mortgage

4025 Camino Del Rio South Suite 300
San Diego, CA 92108