What is a Home Equity Loan?
Taking out a mortgage can feel like an incredibly long term commitment, and will dominate the budgets of most of your adult life. However, if you think about it as a way of saving money through investment, it becomes a lot less daunting. The money that you pay each month goes in part to paying off the value of the house, and the difference between what the house is worth and the amount you’ve paid off is called equity. Once you’ve built up enough, you can apply for a home equity loan, where you effectively borrow the money that
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