Article: How To Tap In To Your Home Equity
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How To Tap In To Your Home Equity
With today's relatively low interest rates and climbing
property values, many consumers are considering taping into
their home equity to finance everything from home
improvement projects to debt consolidation.
Secured home loans, also called home equity loans, are
loans backed by the borrower's equity in their property.
Equity is the difference between your home's appraised
value and the balance on your mortgage.
When a homeowner takes out a secured home loan, they
promise to repay the lender and sign a contract that makes
their home the collateral for the loan. If the borrower
does not repay the loan as agreed, the lender has the right
to foreclose on the home. Generally, loans are repaid with
a monthly payment over a fixed te...
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