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Home Equity Loan Basics
Home Equity Loans are typically fixed rate loans amortized over a shorter period of time than conventional mortgages. Home Equity loans are usually 2nd loans on the property. Meaning there is still a first mortgage being paid off on the home. Home Equity Loans are different from Home Equity Lines of Credit (HELOC's). It's important to understand the difference. Because the Home Equity loan is secured by your home, failure to pay will result in foreclosure (loss of your home). Tax Advantages The interest paid on Home Equity Loans is typically tax deducible. This means you can lower your annual taxable income by the amount of interest paid over the course of the year. See Also:
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