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Cash can be hard to get
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How It Works
A home equity loan is worth the amount of money that you now have invested in your house. For instance, if you house is worth $250,000 on the market, and you still have $155
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Two Kinds of Mortgages
When you apply for a home equity loan, there are two kinds that you might get. The first kind
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The Simple Home Equity Loan
A home equity loan, or second mortgage usually is tax deductible, and is often based on the entire amount of the equity of the home. Generally, it is at a higher rate than the first mortgage
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Line of Credit
This type of home equity mortgage gives to the homeowner a credit line that they are free to draw on - when needed. The ceiling amount is pre-approved by the lender, and then they are free to draw out money as they need it - or if they need it. Up to 100% of the equity value can be borrowed, and interest is only paid on the amount borrowed. The rate of interest, though, will vary
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Like with any other loan, you need to take the time to shop around in order to ensure that you get the best deal. Not only should you compare interest rates
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