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Home Equity Loan
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Equity?
Equity is the difference between the fair market value of a property and its current loan balances. Basically, equity is the amount of money that would be received if a property is sold and all loans are paid off.
What is an Equity Loan?
An Equity Loan is a second loan taken out to borrow against a home's equity that is secured by a mortgage on the property. The maximum loan amount is established based on credit history and current equity.
A Home Equity Loan allows you to finance the things you want such as:
- Debt consolidation - pay off credit cards and high interest loans
- Home improvement - remodel or add to your home
- Education - college tuition and continuing education
- Vacations - take that dream vacation
- Cars - buy a car or recreational vehicle
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