Question : If I want to take out a loan for equity that I have in my home that I’m still paying off the mortgage does it come at the same interest rate as what the mortgage is? Also does it need to be from the same lender or I can shop around? Just really not sure how this works
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Answer : Good morning. Typically a home equity loan will have an interest rate a bit above the current mortgage rates for a first lien mortgage. The reason is that the home equity loan is in a second position to the first mortgage. So, should you default, before the second lien lender gets any money the first lienholder must be paid in full. You can get the home equity loan from any lender; you are not required to obtain the loan from the same lender as holds your current mortgage. Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!
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