A home equity loan, sometimes referred to as a home equity installment loan or for short, may be a way to help you work towards your goal.

Home equity loan is the loan that is available to you against the equity on a property. A type of consumer debt, home equity loan is also known as an equity loan, a second mortgage or a home-equity installment loan. It can be availed for any purpose and is available against both residential and non-residential property. The loan amount is calculated on the basis of the current market value of the property.

How does a home equity loan work?

A home equity loan gives you access to a lump sum of money all at once. If you know how much money you’ll need and when you’ll need it — to finance a remodeling project with a set budget, for example — it may be the right choice.

You’ll repay the home equity loan — principal and interest each month — at a fixed rate over a set number of years. Be sure that you can afford this second mortgage payment in addition to your current mortgage, as well as your other monthly expenses.

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