What Types Of Home Equity Are There?
Saturday, May 31st, 2008It surprises many people to realise that not only are there two types of home equity loans but they often don’t even know what home equity is. The definition of home equity is the amount of capital left in a property, when it is sold at the current market value and the existing loans and mortgage is paid off. The amount left at the end is called the home equity. Often the two types of home equity are the lump sum cash amount and the home equity line of credit, which you are able to use very similar to a credit card.