Home Equity Loan is the money that you get as a loan based on the value of your own home. In other words the money that you have invested in purchasing that lovely home can be leveraged to buy a Car, pay off Student Loan or any other loans. Other then being easily available at attractive rates, its a loan that is interest deductible.
Some benefits of taking a Home Equity Loans are:
Fixed payment and rate
5, 10 and 15 year fully amortizing loan terms available
Minimum loan amount as low as $10,000
Borrow up to 100% of the value of your home
Loan amounts up to $200,000.
Home Equity Loans can be used to pay off the other higher interest rate loans such as credit card loans etc as well as save some money in the form of income tax deductions that are available on payment of interest rates. In a standard home equity loan, a specified amount of money is loaned in a lump sum for a definite period of time (say around 15 year or a 30 year loan). A standard home equity loan is also called a Second Mortgage Installment Loan. Home equity loans allow you make some profit on the capital you invested in your home without selling the home....
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