What is Home Equity?
Over the years, as your mortgage has been paid every month,
an enormous amount of equity has accumulated in your home.
Home equity is defined as the difference between the home
value and home loan balance. You can dig into that equity
and use it for anything you need with a Home Equity Loan.
A Home Equity Loan is one in which the equity of your
home is used as collateral and the loan amount is a one-time
advance. Fixed rate and payments are based on term (up
to ten years) and loan-to-value ratio. The interest on
a Home Equity Loan for your primary residence is typically
tax deductible.
