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What is a Home Equity Loan? | Real Estate 101
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Home Equity Loan
A loan that allows homeowners to borrow against the equity in their homes
This means that the borrower receives a lump sum of money to purchase the property and has to pay it back over a period of time.
If anything goes wrong, the home will be taken back.
Interest rates are also usually higher compared to primary mortgages
Home Equity Loan
A loan that allows homeowners to borrow against the equity in their homes
This means that the borrower receives a lump sum of money to purchase the property and has to pay it back over a period of time.
If anything goes wrong, the home will be taken back.
Interest rates are also usually higher compared to primary mortgages
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