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Equity Loan

What is a Home Equity Loan?
A Home Equity Loan is a fixed rate loan, where your interest rateand annual percentage rate (APR) will stay the same through the life of your loan. The product is very similar to a car loan, where you make the same monthly payment for the entire loan period - only with this loan, your interest may be tax-deductible.

Home equity loans are basically the same as a mortgage though they are generally structured as a credit line secured against a portion of the appraised value of your home. The term "second mortgage" is used interchangably.

Example: You have a home that is appraised at a value of $100,000 and have a mortgage loan of $80,000. That leaves you with $20,000 of equity in your home. Some of that $20,000 could be used as collateral for a home equity loan.

An advantage of a home equity loan is that you may be able to deduct the interest paid on the loan on top of the deductible interest from your primary mortgage.

Whether you need a mortgage to buy or refinance your home, make improvements to your property, or consolidate your debts, take advantage of our huge database of the most competitive lenders available.