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Can a home equity loan be used for anything?
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Common Home Equity Loan Uses. You can use a home equity loan for anything you want. However, borrowers usually use second mortgages for some of life's larger expenses because homes tend to have a lot of value to borrow against.
What’s needed for a home equity loan?
Asked by unknown
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Many lenders require good to excellent credit ratings to qualify for home equity loans. A score of 620 or higher is recommended for a home equity loan, and you may need an even higher score to qualify for a home equity line of credit.
How does an home equity loan work?
Asked by unknown
1 Answers
Home equity loans work differently than traditional loans, acting as a line of credit. This means that the bank will approve to borrow up to a certain amount of your home, but your equity in the home stands as collateral for the loan. The interest rates are lower than they would be with a credit card.