HOME Equity Loan Information - A Consumer Guide To Home Equity

The Basics of a Home Equity Loan

What is a home equity loan?

A home equity loan is a loan that uses your home as collateral. Your home equity is the part of your home that you actually own and this is the guarantee for your loan.

Your home equity is calculated by taking the current value of your home and subtracting your mortgage. For example, if your home is worth $150, 000 and you have a $100,000 mortgage, you have $50,000 of equity in your home. A home equity loan allows you to borrow money using your equity of $50,000 as security for the loan.

A home equity loan, often called a second mortgage, reduces your equity or ownership in your home. Since your home guarantees your loan, if you default on the payments, you can lose your home.




The Basics
What is a home equity loan?
Uses of a home equity loan
Types of home equity loans
How much can I borrow?
Shopping for a Loan

The Do's

The Don'ts

What You Must Know

More Information

Tour by FAQ's

Case Studies

Online Lender Reviews


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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