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Home equity loans

Home equity loans fall in the lines of secured loan plans and are taken against the equity of the home security.

These loans require the borrower to pledge his/her home against the loan amount. As these loan plans are secured in nature, the rate of interest is lower. The borrower is given extra time to repay the loan amount with ease. There are two types of home equity loans; closed ended and open ended.

In case of closed ended home equity loans, the borrower receives a lump sum at the time of the closing. Further borrowing is debarred in these loan plans. The maximum amount of money that can be borrowed by the loan applicant is determined by the factors like credit history, income, and the appraised value of the pledged collateral.

It is common to be able to borrow up to 100% of the appraised value of the home at a fixed rate of interest.

Open ended home equity loans allow the borrowers to choose when and how often to borrow against the equity in the property. In these loans, the lender sets an initial limit to the credit on the basis of credit history, repayment capacity and the appraised value of the security. The loan applicant can borrow up to 100% of the value of a home at a variable rate of interest.

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