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Understanding Home Equity Loans
Home equity loans have become an increasingly popular financial tool for homeowners looking to leverage the value of their property. Essentially, a home equity loan allows you to borrow against the equity you’ve built up in your home, which is the difference between your home’s market value and the outstanding balance on your mortgage. This type of loan is often referred to as a second mortgage and can be a cost-effective way to access funds for major expenses such as home renovations, education, or debt consolidation.