HOME Equity Loan Information - A Consumer Guide To Home Equity
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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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




Home Equity Loan Information - Home Equity Loan Basics - Shopping for a Home Equity Loan - Home Equity Loan Do's - Home Equity Loan Don'ts - What You Must Know - More Information - Online Lender Reviews - The Mortgage Directory - Real Estate Directory - Contact Us

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Home Equity Loan Information uses reasonable efforts to ensure the accuracy of the information posted on this web site. We make no guarantees or warranties, either expressed or implied, with respect to the information on this site. You hereby acknowledge that any use or reliance of information on this site shall be at your sole risk. You are solely responsible for any agreement you enter with a third party including any party you linked to from this site. Information on this site is subject to change without notice and is only intended for consumers in the U.S. home equity market.

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