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What's a Home Equity Loan

Also called a second mortgage, a home equity loan is a bank loan that uses your home as collateral.  You guarantee your loan by borrowing money on the part of your home that you own.

In order to determine how much equity you have in your home, simply take its current value and then subtract your mortgage.  For example: Let's say your home is worth $150,000 and your mortgage is $100,000.  In this case, you have $150,000-$100,000=$50,000 worth of equity in your home.  Most lenders would allow you to borrow at least that $50,000, using your equity as security for the loan.

Home equity loans are not without potential consequences, however.  Your home serves as security for you loan--if you stop making payments on you home equity loan, you may lose your home.

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