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dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

How to compare a mortgage vs home equity loan?

jenkin7 · Posted: Tue Jul 28, 2009 3:00 am Post subject:

Hi Dolly,

A mortgage is a deed of trust that uses the property as a collateral. A home equity loan uses only the amount of equity, that the owner has built in the property, as the collateral. Home equity loans are of two types, namely, home equity loans and HELOC. Home equity loans generally charge a fixed rate of interest, while a HELOC charges a variable rate of interest.

gmakerley · Posted: Tue Jul 28, 2009 8:14 am Post subject:

for both a first mortgage and a home equity loan (second mortgage), the collateral is the property. yes, a secondary loan is limited to its position behind the first mortgage and therefore is, indeed, subordinate.

a home equity loan is a mortgage - typically, however it is secondary to an existing first mortgage. that's not an absolute, as homeowners will often take home equity loans as a first mortgage loan.

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