home equity loan

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Related to home equity loan: Home Equity Line of Credit
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.home equity loan - a loan secured by equity value in the borrower's home
consumer credit - a line of credit extended for personal or household use
loan - the temporary provision of money (usually at interest)
References in periodicals archive ?
Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.
CommonWealth One Federal Credit Union president and CEO Charlotte Cash said, "While a home equity loan is a smart way to put the equity in your home to work, some members were left with little or no equity after the Great Recession and the dramatic drop in home values.
is finding that its members have both demand and ability to take out home equity loans and lines of credit.
As a result, it is not surprising that 25% of homeowners say they have both a first mortgage and a home equity loan or line in a recent Experian/Gallup Personal Credit Index (PCI) poll.
For vacation home owners, using a home equity loan to finance property may offer the following advantages:
The brochure notes that many consumers may have other options for meeting their financial needs besides taking out a home equity loan.
If refinancing a new car loan doesn't make sense, consider paying it off' with a lower-cost, tax-deductible home equity loan.
During refi booms, cash-out refis are a particularly attractive alternative to a consumer who might otherwise get a home equity loan.
Estimates of the size of the home equity loan market vary significantly.
If they can qualify for a refinancing, most homeowners, depending on the amount needed, will also be able to obtain funds using a home equity loan, a personal loan, or a credit card account.

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