Hello everyone … Now guys, I have told you before, and I am telling you again… Please COMMENT on my blog posts. Please do. That is what motivates me to write more and more. I mean, I take this trouble to write so much, and waste a lot of time, and you guys??? c’mon…
I have thought of writing a detailed description on home Equity Loan, and the terms that are related to it. Let’s see… I will try to be as descriptive as possible … This is a loan where the borrower uses the market value of the house as a collateral. But this creates a lean, and reduces the equity of the property. Home equity loans are commonly used as 2nd position liens, though they may be used as the 1st or 3rd liens as well. (Oh God, this terms is so long. From now on, I would refer to the Home Equity loan as HEL). So, HEL may be of two types, an Open ended and a closed ended Equity loan. This loan is given primarily to people with a good credit history. If you don’t have that, forget it and don’t read this article.
