The National Directory of Certified Public Accountants

Ask A CPA - Mortgages & Loans

What Is A Home Equity Loan?

A home equity loan is a mortgage on the your principal residence or second residence or vacation home. You are tapping into the built up equity in your house. It usually is for the purpose of making home improvements or other non-housing expenditures such as credit card debt consolidation or tuition. This is a closed end loan repayable in accordance with a fixed payment schedule.

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