Local Mortgage Information for Your Area
What is a Home Equity Loan (HEL)?
One of the two types of
second mortgages (the other being a
home equity line of credit), a home equity loan (or "HEL") is a cash loan against a home's
equity, paid in one lump sum.
The loan amount,
interest rate (which can be tax deductible) and
term are determined before the loan is given. The interest rate is also typically fixed.
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