home equity loans
Second mortgage products
Home equity loans are loans that use the borrower's ownership stake in their home as collateral.
The homeowner borrows against the difference between the property's market value and any remaining mortgage balance: They took out a home equity loan to pay for the kitchen renovation.
These loans typically offer lower interest rates than unsecured debt because the house backs the loan, but the lender can foreclose if the borrower defaults.
- mortgageSecured home loan
- refinanceObtain new loan terms
- collateralSecurity for debt
- borrowingTemporary taking of another's
- debt consolidationCombining multiple balances owed
lender · interest · appraisal · property · debt · principal · credit · credit score · underwater · foreclosure · second mortgage · HELOC · homeowner · closing costs · closing day · leverage · cash-out · appreciation
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- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- overspendingcredit card debt, maxed out cards, overdraft, impulse buying, shopping sprees
home equity loansunsecured debt
Borrowing without collateral
unsecured loans · personal loans · credit card debt · payday loans · student loans
home equity loansmortgage payoff
Completing payment on home loan
home equity · savings accounts · investment accounts · retirement savings · wealth accumulation
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