Home equity loans, which are sometimes known as second mortgages, allow homeowners to take out a loan against the equity in their home. Home equity loans are divided into two types. The first is a home equity loan, which is a traditional, fixed rate loan. The other is a home equity line of credit (HELOC). Since one of our other FAQs addresses the details about HELOCs, in this one, we’ll stick to talking about regular home equity loans.
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