What is a home equity loan

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▬ CONNECT ▬ • Website: https://www.bankrate.com/ • Facebook: / bankrate • Twitter: / bankrate • Instagram: / bankrate • Sign Up For Bankrate Dashboard (It's Free): • https://www.bankrate.com/sign-up/ • • A home equity loan allows you to borrow against the equity you've built up in your home in one lump sum amount. Home equity loans come with fixed interest rates, a fixed repayment schedule and fixed monthly payments. Common uses for a home equity loan are financing major home renovations or repairs - like updating a kitchen or completely remodeling a bathroom – or consolidating high interest rate credit card debt. • Because this debt is secured by the equity in your home, lenders generally offer lower rates on home equity loans than on other loans that do not have collateral. The downside, however, is that your home is at risk of foreclosure in the event you fall behind on the payments. • Home equity is the difference between how much you owe on your mortgage and how much your home is worth. You can easily calculate your equity using Bankrate's home equity calculator, or you can do a bit of math by dividing the amount you owe by the value of your home. Most home equity loans allow you to borrow up to 80 percent of the value of the home, including the mortgage or any other liens on the property. • It's important to shop around to find the best home equity loan for you and your financial situation. • There is a free comparison tool at Bankrate where you can size up the offers of different lenders to find the most competitive rates, minimal fees and the repayment terms that fit your needs. You can trust Bankrate to help you make a smarter, more well-informed decision regarding a home equity loan.

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