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Home equity loan
Do you need to tap into your homes equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. The process for a home equity loan is similar to your first mortgage.
There are 5, 10, 15, 20 and 30 year terms available now. Some lenders may pay closing costs.
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