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Home Equity Loans

A home equity loan is a fixed rate and payment loan based on the available equity in your home. You get your money all at once and then pay it back in predictable, fixed monthly payments. These loans are made to homeowners and are secured by a mortgage on the property. 

A Home Equity Loan can be either a fixed rate mortgage or an adjustable rate mortgage, and can be acquired as a lump sum or used as a revolving line of credit. 

Many home equity loans constitute refinancing by borrowers of their previous mortgages. Borrowers under these loans may have impaired credit histories. These loans are often characterized as "sub-prime". These loans have balances which amortize over a specified number of years, and require the regular payment of interest and principal. The balance of a securitization of home equity loans will amortize as loans are repaid, whether on schedule or by prepayment.

Debt consolidation, home repairs, medical bills, and big expenses like a child's college tuition are all good reasons to consider applying for Home Equity Loans. Unlike other forms of consumer credit such as auto loans or credit cards, the interest on a Home Equity Loan is usually tax-deductible when used for its primary purposes.

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