Many people asking about what is a home equity loan? Home equity loan are a way of using your property equity value to loan money against. Essentially, home equity loan is a ’second mortgage’ - a mortgage loan secured by your property.
What Is Equity Value?
Equity value of your property mean the difference between the value of your home and the mortgage balance. An example, the value of your home/property is $150,000 and the mortgage balance is $50,000. The equity value of your home is $150,000. In other world, your home equity loan available up to $150,000.
There is 2 types of home equity loan, Traditional home equity loan and home equity line of credit.
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