A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.
Home equity loans have a fixed rate
Potential to borrow up to 90% CLTV
Can be used for:
Potentially Deduct the Interest on Your Taxes (consult your tax adviser)
While the word “equity” probably elicits some positive vibes, how much do you know about it when it comes to your home? The truth is, it’s a status that can give you some buying power when it comes to home improvements and a lot of other financially demanding endeavors.
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