Home Equity Loan
What is it? Also called an equity loan or a second mortgage, a home equity loan is a line of credit secured by your home. When you use this credit line to buy something, the financial institution giving you the line of credit places a second mortgage loan on your home until the debt is paid off, after which the credit line may again be used to buy something else. The interest rate on such loans is usually lower than on standard second mortgages or credit cards. Most interest on home equity loans is tax deductible. Like any mortgage, if a home equity loan is not paid off, your home may be sold to pay the debt.Added By: Emily
The Home Equity Loan definition has been viewed 517 Time(s)!
Send To Friends!
If you'd like to send the Home Equity Loan definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Home Equity Loan. If you need any more information on this term, please don't hesitate to contact us.