Mortgage Glossary
Home Equity Loan
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A home equity loan is a second mortgage that gives you a lump sum against your equity at a fixed rate and fixed monthly payment.
What Home Equity Loan means
Unlike a HELOC's revolving credit, it's a one-time disbursement repaid over a set term, which suits a single large expense like a renovation or debt consolidation.
Florida example
A Florida homeowner takes a $60,000 home equity loan at a fixed rate to fund a kitchen remodel, keeping their low-rate first mortgage untouched. The predictable payment makes budgeting simple.
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