Real Estate Glossary | What is Home Equity Loan??

Q: What is Home Equity Loan?

A Home Equity Loan is a type of loan in which a homeowner borrows money using the equity in their home as collateral. This type of loan typically has a fixed interest rate, and the money borrowed must be used for a specific purpose, such as home improvement or debt consolidation. Unlike a HELOC, a home equity loan is a lump-sum loan, meaning you borrow a specific amount all at once and make fixed payments over a set period of time. The interest on a home equity loan may be tax-deductible, which can make it a more appealing option for some homeowners.

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