A home equity loan is a type of second mortgage that allows you to borrow against the value of your house. There are both open and closed home equity loans, so make sure you get the one that’s right for you. Here are a few tips.
A closed end home equity loan is a second mortgage with a relatively low fixed interest rate. An open end home equity loan is a line of credit. Since the interest rate on this loan will be variable, it most likely will go up at some point. Your banker will help you decide which type of home equity loan best suits your needs. More info: home equity loan Campbell