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Home Equity Loans Explained
A home equity loan is often considered a second form of mortgage, is made against the borrowers’ principle place of residence and is usually for the purposes of home improvements, renovations or some other major purchase.
Typically this type of loan can be either fixed or variable and the interest paid is usually tax-deductible.
There is usually a minimum payment which must be paid, but the amount loaned can be anywhere upto 125% of the valuated price of the property.
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