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equity loan

   Also found in: Acronyms, Wikipedia 0.01 sec.
equity loan

A line of credit secured by the equity in the borrower's home.It is open ended,meaning the borrower may take advances, pay down the line to reestablish it, and then take advances against it as needed; usually renewed on an annual basis, with adjustable interest rates tied to the lender's prime rate.(Often called a HELOC—home equity line of credit.)



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A home equity loan (or line of credit) is a second mortgage that lets you turn equity into cash, allowing you to spend it on home improvements, debt consolidation, college education or other expenses.
Someone with a credit card loan would benefit from taking a home equity loan on their home in order to repay the credit card debt.
Equity in your property will allow you to find the best equity loan rates There are some tips that will help you Equity in your property will allow you to find the best equity loan rates.
 
 
 
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