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What are Home Equity Loans and how can they help borrowers

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What are Home Equity Loans and how can they help borrowers

Last updated: November 21 2018
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  • What are Home Equity Loans and how can they help borrowers

    What is a Home Equity Loan and how can it help borrowers or home owners who are already repaying a home loan?
  • #2

    #2

    Re : What are Home Equity Loans and how can they help borrowers

    puretalk To explain it in a simple manner, a property taken on loan gets equity-rich as property prices rise and the tenure shortens. Meaning, the outstanding principal loan amount gets less than 50 percent of the home loan value. This allows home loan borrowers to put such equity to use for meeting their short term personal financial needs.

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    • #3

      #3

      Re : What are Home Equity Loans and how can they help borrowers

      So home loan equity is a loan provision for home owners?

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      • #4

        #4

        Re : What are Home Equity Loans and how can they help borrowers

        Yes, it is.

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        • #5

          #5

          Re : What are Home Equity Loans and how can they help borrowers

          To keep it simple, as home owners get equity-rich they can use the home equity line-of-credit for funding their immediate financial needs.
          Talk TRUE; Talk IREF

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          • #6

            #6

            Re : What are Home Equity Loans and how can they help borrowers

            @Malvish - so it is only for those who already own a home and are repaying the home loan.

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            • #7

              #7

              Re : What are Home Equity Loans and how can they help borrowers

              puretalk yes it is for people repaying their home loan and who have paid a fair amount back to the lender.
              Talk TRUE; Talk IREF

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              • #8

                #8

                Re : What are Home Equity Loans and how can they help borrowers

                Ok, got that. So we can say that a home equity loan just like a mortgage loan or a small personal loan against the property.

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                • #9

                  #9

                  Re : What are Home Equity Loans and how can they help borrowers

                  puretalk you can say that in a manner but like I mentioned before, technically, a home equity loan is a loan or line-of-credit given to home owners against the equity in the homes.
                  Talk TRUE; Talk IREF

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                  • #10

                    #10

                    Re : What are Home Equity Loans and how can they help borrowers

                    Okay, so what all things get into consideration for home equity loan? I mean what is the process like? Same as applying for a home loan?

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