About Home Equity Loans

A home equity loan is a loan that uses the equity in your home as collateral. Essentially, you are using your home as a guarantee that you will pay your loan. This type of loan reduces your home equity by the amount of the loan.

Your home equity is calculated by taking the current value of your home and subtracting your mortgage. For example, if your home is valued at $100, 000 and you have a $50,000 mortgage, you have $50,000 of equity in your home. Home equity loans allow you to borrow using your equity of $50,000 as security for the loan.

A home equity loan is also referred to as a second mortgage. Keep in mind, before applying for a home equity loan, that you are guarnateeing payment of the loan by using your home as collateral. This means, that if you fail to pay the loan, you may lose your house.

To find out if you qualify for a home equity loan, simply fill out this fast, no obligation form so you can be connected with hundreds of the nations top lenders.

It is important to find the best possible rates for you home equity loan. By simply filling out one, no obligation form, and let the HomeGain come to you with the best offer.