Home Equity Loan
/ˈhoʊm ˈɛkwɪti loʊn/
Definitions
- (n.) A loan secured by the borrower's home equity, allowing borrowing against the difference between the home's market value and outstanding mortgage.
She took out a home equity loan to finance her home renovation.
Forms
- home equity loan
- home equity loans
Related terms
See also
Commentary
Home equity loans differ from home equity lines of credit by providing a fixed lump sum rather than a revolving credit.
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