Home Equity Loan

A home equity loan is based on the equity of the secured property. The equity is determined on the difference of the appraised market value of the property minus the balance of all secured mortgages on the property. The home equity loan is typically used for home improvements, debt consolidation on credit cards, cash for personal reasons, or to pay off other high monthly debts into one low monthly payment. The interest paid on the loan is usually tax-deductible but should consult with your tax advisor for a definite explanation.

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