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.
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