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Straight to the point...

The Best Home Equity Loan Companies

Borrowing against the equity in your home with a second mortgage is known as a Home Equity Loan. Personally, I don’t think it’s a great idea to do this unless you absolutely have to — but if you have to, here’s what to keep in mind:

  • People often use these loans to consolidate debt or finance renovations
  • In order to qualify for a home equity loan, you must have at least 20% equity
  • Only fixed-interest rates are offered with home equity loans
  • Make sure you can afford the loan – not doing so could lead to foreclosure