Home Equity Loans

Home Equity Loans

Home Equity Loans

What is a home equity loan? A home equity loan is another way to say "mortgage" secured by the owned portion (or equity) of a home.

Home equity loans are usually obtained to consolidate debt or to make repairs or improvements to a house. The interest paid for this type of loan is usually tax-deductible.

Home equity loans are also obtained to free cash for other real estate or investments.

While rates on home equity loans are usually quite attractive (often lower than 1st mortgages), they aren't always the best way to go. If you're sure you'll be able to pay off the loan within a few years and can afford the extra monthly payments, they're a great deal. If you can't make the extra payments or need longer (say 10 years or more) to pay it off, you may want to look into a second mortgage instead.

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