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Home Equity Loan
A type of loan in which a homeowner borrows against the equity in their property, typically at a fixed interest rate and for a fixed term.
More Details
A home equity loan is a type of loan that allows you to borrow against the equity in your home. A home equity loan typically has a fixed repayment term, which means you borrow a fixed amount of money and make fixed monthly payments for a set period of time.
Example
You want predictable monthly payments. With a home equity loan, you borrow a fixed amount of money and make fixed monthly payments for a set period of time. This can be beneficial if you want to know exactly how much you'll be paying each month and when you'll be able to pay off your debt.
Related Terms
Overdraft Line of Credit
A loan tied to a checking account that can be used to cover transactions that exceed the available balance in the account.
Loan
A sum of money that is borrowed by an individual or entity from a lender, typically with the expectation that the loan will be repaid with interest.
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.