{"id":52785,"date":"2024-09-30T14:05:41","date_gmt":"2024-09-30T21:05:41","guid":{"rendered":"https:\/\/financer.com\/?post_type=wiki&p=52785"},"modified":"2024-10-21T01:16:27","modified_gmt":"2024-10-21T08:16:27","slug":"home-equity-loan","status":"publish","type":"wiki","link":"https:\/\/financer.com\/loans\/articles\/home-equity-loan\/","title":{"rendered":"Home Equity Loan: What You Need to Know"},"content":{"rendered":"\n

What is a Home Equity Loan?<\/h2>\n\n\n\n

A home equity loan, often referred to as a second mortgage<\/a>, is a type of loan where you borrow money against the equity you’ve built up in your home. <\/p>\n\n\n\n

Equity is the difference between your home’s current market value and the amount you still owe on your mortgage. Essentially, you’re using your house as collateral to secure the loan<\/a>.<\/p>\n\n\n\n

There are several reasons why someone might consider a home equity loan. These loans often provide access to large sums of cash at relatively low interest rates<\/a>. This can be appealing for financing significant projects like:<\/p>\n\n\n\n