Frequently Asked Questions (FAQ)
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A home equity loan is defined as a specific one-time lump sum loan with fixed monthly payments. Home equity loans are commonly used by borrowers to cover major expenses, such as home remodeling, or to consolidate debt. To secure a home equity loan from a lending institution, you as the borrower use your home as collateral. A home equity loan can be borrowed from a lender before or after you pay off the mortgage. To qualify, the property must hold equity, which determines the minimum and maximum loan amounts available.
