Home Equity Loan Resources
A Home Equity Loan is a loan that uses the equity in your home as collateral.
In short, you agree to put up your home as a guarantee that you will pay your home equity loan.
This loan reduces your home equity by the amount of the loan. Equity is calculated by taking the current value of your home
less what is left on your mortgage. For example, if you own a $150,000 home, and have $80,000 left on your mortgage, you may
apply for a home equity loan for up to $70,000.(150,000-80,000).
A very important point that you must understand is that you are putting your house up as collateral.
This means that if you fail to pay the loan, you are putting your house in jeopardy of being seized.
The Federal Trade Commission provides a very in-depth look at Home Equity Loans and Home Equity Lines of Credit.
You can find this information here.
To find out if you qualify for a home equity loan, simply visit some of our Home Equity Loan resources below.
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