home equity loan?

Question

what is a home equity loan?

Answer 1

Well first off it's important to understand what equity is. Equity is the difference between the amount you owe on a property vs the appraised value of the home. So if you purchased a home for $200k and paid off half of it, you have $100k worth of equity in the home.

A home equity loan allows you to borrow based on the amount of equity you have earned with in your home. So based on the above example, a bank might be able to loan you $100k based on your equity earned

Answer 2

Assume you have a house worth $200,000, and you owe $100,000 on it. The difference of the other $100,000 is your 'equity' in the property, and you can take a loan against that equity.

Answer 3

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Answer 4

Very simply put it's a refinance with cash out.