Home equity is the difference between your home’s current market value and the total amount you owe on your home loan. As a valuable method for attaining your financial needs a home equity loan can be a resourceful way to get the money you need. The right loan can save you money through debt consolidation and eliminate high interest credit cards, pay for unexpected expenses, or home improvements.

A home equity line of credit or HELOC is a loan in which the lender agrees to lend a maximum amount within an agreed period where the collateral is the borrower’s equity in his/her house. A home equity line is used as a secondary loan to your primary mortgage as a way to provide money that would otherwise be unavailable.