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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 are typically paid for by the lender/ broker, 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 . An appraisal will sometimes be required on your home to determine the home's market value.
About DNJ Mortgage
Since 1989, DNJ Mortgage has helped families across North Carolina realize their homeownership dreams and save money when refinancing. We're a local company that is committed to providing exceptional customer service as well as by making owning a home affordable by offering agressive interest rates, a wide variety of loan programs and by specializing in zero closing cost loans with no hidden fees.
With offices in Raleigh, Greenville, and Wilmington, NC, we serve homeowners and buyers across North Carolina. DNJ also offers mortgages in Maryland, Virginia, South Carolina, Georgia and Florida. Where ever you live in the Southeast, trust DNJ to help you find the right home loan for your needs.
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