Home Equity Loan

A home equity loan is a type of loan in which the borrower uses the equity built up in the home as collateral. A home equity loan is sometimes used to finance major expenses such as medical bills, home repairs or education expenses. It is sometimes referred to as a second mortgage or borrowing against your home. Learn more on this page about home equity loans and how you can use one.

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What Is My House Worth?

What is my house worth? Homeowners across the country may find that their home values are dropping and they owe more money on their mortgage than the house is worth. A report from Deutsche Bank predicts that almost 50 percent of homeowners will be underwater on their mortgage by 2011. The real estate property values of homes are dropping, while homeowners have continued to take out equity from their homes over the past decade. With dropping home prices and less equity, more and more homeowners will be underwater on their mortgage and may default on their mortgage.

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