A loan offered by banks and other mortgage lenders that allows a homeowner to tap the built-up equity in his or her home. Home-equity loans allow you to borrow a certain amount and pay it back over a specified term, and they generally carry low fixed interest rates. Interest payments on up to $100,000 of home-equity debt are also tax-deductible. (That is on top of the interest writeoff you get on mortgage loans of up to $1 million.) If you're thinking of consolidating your debt, taking out a home-equity loan is an effective means.
a good idea if you know exactly how much you'll need and if you want to borrow the entire amount at once and pay it back later, usually at fixed interest rates
a loan in which you use your home as collateral for
A home-equity loan is a loan that is secured by the equity in the property. It is generally a second or third mortgage.
A loan that allows owners to borrow against the equity in their homes.
A home-equity loan is technical jargon for what used to be called a second mortgage. With this type of loan, you borrow against the equity in your house. If used wisely, a home-equity loan can help people pay off high-interest consumer debt, which is usually at a higher interest rate than a home-equity loan and is not tax-deductible; or a home-equity loan can be used for other short-term needs, such as for payments on a remodeling project.
A loan where you may borrow an amount of money based upon a percentage of the value of your home less other loans (mortgage, etc.).
A Loan in real estate property that is used to secure or guarantee the amount borrowed. Sometimes referred to as a second mortgage or borrowing against your home. The loan allows you to tap intoyour home's built-up equity, which is the difference between the amount your home could be sold for, and any claims held against it. People often use a home-equity loan for home improvements or to pay for a new car. A home-equity loan is a good way to borrow money for two main reasons. First, the interest rate is usually one of the lowest loan rates a borrower can get. Also, the interest you pay on the loan is usually tax-deductible. But taking out a home-equity loan also means the lender can take possession of the home if the loan isn't repaid. This is why some people decide to not borrow against their home, and may decide to take out a personal loan. But for many borrowers, a home-equity loan can be the best loan option. Your best loan option is the loan that best meets your needs.