Home Equity Loans

	Shopping for a mortgage loan? We will be glad to help! Give us a call at 865-984-5350. Ready 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? With a home equity loan, your fixed or adjustable rate loan is secured by the equity in your home. You borrow a certain amount to be paid back monthly over a set period of time, like you original mortgage. The terms "home equity loan" and "second mortgage" can be used interchangeably.

Home Equity Loan Specifics

You will be comfortable with the process as it is a lot like getting your existing mortgage. The closing costs (often 2-3& of the loan amount) are typically smaller and, even though the rate of interest is higher on a home equity loan, the interest can be tax deductible.

You'll have to provide proof of your salary and have good credit to qualify for a home equity loan. A home appraisal will be necessary to assess the home's market value. To check on your home equity/second mortgage loan options, contact us at 865-984-5350.

Have questions about your home equity? Call us at 865-984-5350. TENNESSEE HOME MORTGAGE, INC answers questions about home equity every day.