home equity loans definition

How does a home equity loan work? Here, we'll discuss the various types of home equity loans, the advantages and disadvantages of each.

What It Is. A home equity loan (hel), also called a second mortgage, is a loan secured by the equity in a house. Equity equals the value of the house less the balance owed on the homeowner’s mortgage.

Definition of home equity loan: A loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt.

Home equity loan. A home equity loan, sometimes called a second mortgage, is secured by the equity in your home. You receive the loan principal, minus fees for arranging the loan, in a lump sum. You then make monthly repayments over the term of the agreement, just as you do with your first, or primary, mortgage.

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A home equity line of credit, also known as a HELOC, is a financial product that permits a homeowner to borrow against the equity in his or her homes. Deeper definition

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Home-Equity Loans financial definition of Home-Equity Loans – A loan in which the one borrows against the value of one’s home. That is, the collateral of a home-equity loan is one’s house. The amount in these loans is generally the difference between the homeowner’s equity in the house and the market value of the house.

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Home equity loan. A home equity loan, sometimes called a second mortgage, is secured by the equity in your home. You receive the loan principal, minus fees for arranging the loan, in a lump sum. You then make monthly repayments over the term of the agreement, just as you do with your first, or primary, mortgage.

The basic definition of a home equity loan emphasizes its two main elements — it’s a loan secured by your home, in which you tap into the equity you have built up. A home equity loan is a popular financing option for a variety of homeowners.

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