If you?re a homeowner, chances are that you?ve been deluged with offers from finance companies to lend you money based on the equity you have invested in your home. A home equity loan is a loan extended to you that is secured by your home. The amount of the loan is based on how much ?equity? you have invested in your home. The basic explanation of ?equity? is ?the difference between your home?s value and how much you still owe on the mortgage?.
In other words, if you bought your home for 5,000 and put ,000 down on it, financing 5,000, then your equity
Source: http://home-mortgage-review.info/2011/04/20/getting-a-home-equity-loan-today-2/
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