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 rateis higher on a home equity loan, the interest paid is tax deductible.
To qualify for second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.
All loans subject to credit approval. Loan programs vary according to state, and are subject to change at any time. Diamond Mortgage, LLC will make every attempt to make any updates and corrections in a timely fashion. Diamond Mortgage, LLC is an Indiana based mortgage company (Indiana Loan License# 96-0222 LB). All mortgage transactions outside the state of Indiana are processed through Diamond Mortgage, LLC as a production office for Western Loan & Thrift .All information provided to Diamond Mortgage, LLC will not be sold or given to any third parties as we respect you privacy.
Diamond Mortgage, LLC 12998 Cirrus Drive Fishers, IN 46037
