Oklahoma City Mortgage Blog

I'm sure many of you have repairs you would like to make to your home but you're just not sure how to pay for it.  Did you know you can get a home equity loan to finance your remodeling or other home improvement projects?

You can choose from either a fixed or adjustable rate loan that’s 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.  One thing many people don’t know is 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. 

Getting a home equity loan is a great way to make April 2008 a better month far in advance!