They can be useful for borrowing large amounts of money, and they’re easier to qualify for than other types of loans because they are secured by your house.
If your home is worth more than you owe on it, a home equity loan can provide funds for anything you want (you don’t just have to use it on home-related expenses, for example).
A home equity loan is a type of second mortgage. Your “first” mortgage is the one you used to purchase your home, but you can use additional loans to borrow against the property if you have built up enough equity.
Home equity loans are attractive to both borrowers and lenders. Here are a few of the key benefits for borrowers :
Read more at Home Equity Loan Video