— «A home equity loan is basically a line of credit that is secured by the equity of the borrower's home. This loan is based on the difference between the homeowner's equity and the home's current market value»
Home equity loans are very attractive for those who looking to borrow cash. Many lenders usually offer lower interest rates, compared to credit cards and other types of loans.
In other words, you can borrow up to 125% of your home's value and save thousands of dollars on your credit card paymets. For example, by consolidating your debt with the home equity loan, you get a single payment with lower interest. Moreover, the interest is tax deductable.
Author: This article is the property of LoanGuru.org and HomeEquityLoanStore.org – professional financial services with free quotes form multiple lenders: home equity loans, debt consolidation loans, mortgage refinance loans, and other types of loans for any individual’s financial needs.