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What are home equity loans?

Loans and the economic behaviour of human race are closely associated. at the time of need, people borrow to bridge the financial gap. The loans prevailing in the loan markets
across the world are broadly of two types. One is secured and the second is the unsecured loans. While the secured loans are granted against any security, unsecured loans are the security free loan plans. Home equity loans fall in the line of secured loans where the borrower pledges his/her home as a security against the loan amount.
There are two types of home equity loans; Open ended and close ended. The closed end home equity loans put a shield on the maximum loan amount. the borrower receives a lump
sum at the closing time of the loan disbursement and he/she can not borrower beyond it. The maximum loan amount can be 100% of the appraised value of the home.

They are the fixed rate loans and the repayment period is generally extended up to 15 years.
On the other hand, open end home equity loans are the variable rate loans where the borrower is free to choose when and how often to borrow against the equity present in his/her property. The maximum repayment period in case of these loans can be extended up to 30 years.		  
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