what are home equity loans

Home Equity Loans and Credit Lines | Consumer Information – Home Equity Loans. A home equity loan is a loan for a fixed amount of money that is secured by your home. You repay the loan with equal monthly payments over a fixed term, just like your original mortgage. If you don’t repay the loan as agreed, your lender can foreclose on your home.

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Home equity loans are a type of second mortgage that let you use your home’s value as collateral to pull out cash. home equity is the difference between how much a home is worth and any debts.

Personal loans 101: How they work and who can qualify for them – . want to remodel your kitchen but don’t have the $30,000 the project requires or enough home equity to qualify for a home equity loan or home equity line of credit (HELOC). In that case, a personal.

Home Equity Loan | Open a Home Equity Loan Today at BB&T – A home equity loan is a type of loan that lets you use the equity in your home as collateral when you borrow. As your home increases in value, or you pay down your mortgage, it gains equity-the difference between the appraised value and the remaining balance due on your mortgage.

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A piggyback mortgage can include any additional mortgage loan beyond a borrower’s first mortgage loan that is secured with the same collateral. Common types of piggyback mortgages include home equity.

Home Equity Loans and Credit | Directions Credit Union – If, for example, your mortgage is for $300,000, and you’ve paid off half of it already, you have $150,000 of home equity with which you could use to take out a loan or line of credit with Directions.

A home equity loan is a financial product that allows you to borrow against the value of your home. You’re able to receive in cash a portion of your home’s equity, or the difference between the amount owed on your mortgage and your home’s market value.

Home Equity Loans – Air Academy Federal Credit Union – Looking for an easy way to borrow money from a company you trust? The best resource to help you secure a loan could be closer than you think.

A home-equity loan, also known as an "equity loan," a home-equity installment loan or a second mortgage, is a type of consumer debt.It allows homeowners to borrow against their equity in the.