what is a home equity loan and how does it work?

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A home equity loan is a loan in which borrowers use their house as collateral. You can get a home equity loan before or after you pay of your first mortgage, which is why it’s sometimes called a.

A home equity loan – also known as a second mortgage, term loan or equity loan – is when a mortgage lender lets a homeowner borrow money against the equity in his or her home. If you haven’t already paid off your first mortgage, a home equity loan or second mortgage is paid every month on top of the mortgage you already pay, hence the name "second mortgage."

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While a home equity loan can help you improve your home or meet other financial goals, it does come with some possible pitfalls. Your home acts as collateral for such a loan. If you can’t pay back your loan, your lender could take your home through the foreclosure process.

Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (a.k.a. a home-equity line of credit). Both are usually referred to as second mortgages , because they are secured against the value of the property, just like a traditional mortgage.

To be sure, the borrower does need to own jewelry that can justify the amount of the loan. However, for those who possess.

Home equity lines of credit work very much like any major credit card does; at the outset of the loan, you are approved for a certain amount that.

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Home equity loans are a type of financing secured by property; meaning, failure to repay the loan could mean the loss of your home. Since a loan secured by a home presents less risk to the lender, home equity loans typically result in better benefits for the borrower.

Home equity loans are funds typically used for a specific purpose in mind and home equity lines of credit can be a great source of funds for emergencies. You decide what works best for you.

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