Posted on: 01st Jun, 2007 12:00 am
what is home equity loan? how it is different from mortgage?
Home equity loan is a type of home loan taken keeping the home equity as collateral.
hi,
welcome to community.
home equity loan is a type of second mortgage taken against the same property keeping the home equity as collateral. the main purpose of taking this type of loan for home improvement, education expenses, medical treatment, debt consolidation. generally, the interest is quite higher than normal mortgage.
please refer this article "home equity loan - a fixed rate second mortgage" to know more.
thanks
welcome to community.
home equity loan is a type of second mortgage taken against the same property keeping the home equity as collateral. the main purpose of taking this type of loan for home improvement, education expenses, medical treatment, debt consolidation. generally, the interest is quite higher than normal mortgage.
please refer this article "home equity loan - a fixed rate second mortgage" to know more.
thanks