At some point in your financial life, you may want to leverage your home equity to improve your financial position. You might get a home equity loan, which gives you a specific amount of cash; or sign up for a home equity line of credit (HELOC), which provides ready access to cash as needed. Read More
If you would like to get a fixed amount of cash for some of the equity in your house, a home equity loan is an option worth considering. A home equity loan, sometimes known as a second mortgage, is a loan you take in addition your original mortgage that provides cash for some of the equity you have built up. Home equity loans are usually issued for a fixed amount for a fixed term at a fixed interest rate.