Chapter 9. Considering Home Equity Loans
IN THIS CHAPTER
Home equity loans—borrowing against the value of your home—have become an important financial strategy for many home owners. This chapter explains what home equity loans are and what’s involved, and helps you to decide if a home equity loan is right for you.
What Is a Home Equity Loan?
Before you can understand what a home equity loan is, you need to understand the concept of equity. It’s a simple concept, really, and refers to the extent to which you actually own something. In the case of your home, equity is the value of the home minus the amount you owe on your mortgage.
This equity ...
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