A home equity loan is a loan based on the amount of equity in a home. This loan can be used to remodel your home, to consolidate your debts, or for just about any other purpose you wish. A home equity loan is similar to, but not the same as, a home mortgage refinance loan, otherwise called a second mortgage. With a second mortgage, you receive a lump sum of money that pays off your existing mortgage and leaves some money left over for something else. Interest begins accruing immediately. Home equity loans may be fixed-rate loans, meaning that the rate of interest remains the same throughout the course of the loan, or they may be adjustable-rate loans, meaning that the interest rate changes according to the economy and the average rates at any given time. When interes View the rest of this article
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