Mortgage Broker Company - Your Mortage And A Home Equity Loan
What is a home equity loan - in a nutshell -
If your home mortgage was for $200,000 and you have paid for many years on the loan, you contact your mortgage broker company or lender and find out that you now owe only $100,000 on your mortgage. Therefore, you have $100,000 in equity in your home.
A home equity loan is a loan that allows you to borrow against that equity.
Easy enough.
Sharon
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