Financial Definition of house equity loan
A house equity loan (HEL), also known as a 2nd home loan, is that loan guaranteed by the equity in a residence. Equity equals the worthiness associated with household less the total amount owed regarding the home owner’s home loan.
House equity loans can be utilized to invest in expenses that are major such as for example medical bills, home remodeling or a university education.
House equity loans are extremely comparable in concept to conventional mortgages. Continue reading