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Home Equity Loans 

 
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What Is A Home Equity Loan?

A Home Equity Loan is a loan based on the value of your home and the remaining balance on your mortgage; it is essentially borrowing money from a lender and using your home as collateral.

People take out Home Equity Loans for a wide variety of reasons including: home improvements, to pay off other debt, to take a vacation or to fund a college education to name a few.

The more equity you have in your home (that is, the greater the difference between the value of your home and what you owe on your mortgage) the larger a Home Equity Loan you may qualify for.

To learn more about the pros and cons of Home Equity Loans and how to responsibly shop for one, the Federal Trade Commission (FTC) has prepared a few pointers that you can access by clicking here.

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