![]() Each section provides a brief overview of a key aspect of home equity loans, with links to further reading at key points. This guide is designed to help you quickly and easily find out what you need to know about home equity loans. But you may be uncertain about what they involve and how to navigate the potential benefits and risks. Need cash? If you're a homeowner, you're probably aware that home equity loans are a popular option for borrowing money. Reader-friendly guide to home equity loans ![]() A benefit is that the interest may be tax deductible depending on what you are using the money for. There are a variety of reasons consumers choose to use these programs: Home repairs, remodeling projects, debt consolidation or to purchase a vacation or second home. Compare a home refinance with these options to see what is best for you. These are also known as second mortgages. Review your loan options with a home loan lender to see what is the best type of loan for you, a HELOC, or a straight home equity fixed rate loan. Lenders will check your home value and qualifications to determine how much you are eligible to borrow. Home values are rising and more homeowners have the option to borrow some of their home equity. Remember, the $320,000 limit would include all existing loans secured by your home plus your new HELOC. For example, a lender's 80% LTV limit for a home appraised at $400,000 would mean a HELOC applicant could have no more than $320,000 in total outstanding home loan balances. Loan-to-value ratio (LTV) is the percentage of your home's appraised value that is borrowed - including all outstanding mortgages and home equity loans and lines secured by your home. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. ![]() Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank.
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