can you tellme about home equity loan?

sangeethaanbs · Joined: 26 Jul 2007 Posts: 1 1.51 Dollars($)

I would like to know the difference between home equity loan and second mortgage

adonis · Posted: Thu Jul 26, 2007 2:40 am Post subject:

Welcome Sangeetha,

A second mortgage is a loan taken out against the equity in your home. The equity is the value of your home worth the amount of debt you have repaid towards your first loan.

A second mortgage is subordinate to that of the primary loan on your home. Know more about it from the section on second mortgages.

Second loans can be of two types - fixed and adjustable. The fixed rate second mortgage is known as home equity loan. To know more on Home Equity loans, just go through the section on this topic.

karthikeyamurugesan · Joined: 18 Jul 2007 Posts: 9 4.50 Dollars($)

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

karthikeyamurugesan you have copied your post from wikipedia and that page is not up to there own required standards. ( en.wikipedia.org/wiki/Second_mortgage )

I wasn't able to understand what you wrote the first time I read it and that tells why. What you have stated doesn't clearly explain the difference between the two.

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