Home Equity Basics
A home equity loan allows homeowners to get loans by using the equity in their home as collateral. Using the equity in your home is a powerful tool that can help you improve your overall financial well being and pay off high interest loans, debts, and credit cards.
Home Equity Loans or Home Equity Line of Credit?
A home equity loan can issued as one lump sum in the form of a home equity loan or used as a revolving home equity line of credit (HELOC) similar to a checking account.