House equity loan

House equity loan

Financial Definition of house equity loan

A property equity loan (HEL), also referred to as a 2nd home loan, is that loan guaranteed because of the equity in a home. Equity equals the worth regarding the homely household less the total amount owed on the home owner’s home loan.

House equity loans can be used to invest in expenses that are major such as for instance medical bills, house remodeling or even a college training.

Home equity loans are extremely similar in concept to conventional mortgages.

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