Home equity loans

Home equity loans and equity lines of credit are two popular variations of financing personal property. With both, the homeowner can tap into the equity they have built up in their house. An equity loan is a type of home owner loan that offers a fixed amount of money over a set amount of years with the interest being tax-deductible. On the other hand, a home equity line of credit pre-approves a set amount of credit, based on the amount of equity in the property. Amounts can then be drawn from the line of credit as needed. Both home owner loans can be used as the owner chooses.