Home Equity Loan (HELOAN)

A Home Equity Loan (HELOAN) is a second mortgage that allows you to use the equity in your home as collateral to borrow money without having to refinance your first mortgage. Collateral means using your home as security to protect the lender if you default. Your lender loans money to you as a lump sum at a fixed interest rate. You make your monthly payments during a repayment period.

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