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Are home equity loans harder or easier to obtain than other types of loans?

In: Loans, Home Equity and Refinancing, Money Management [Edit categories]

Answer:

A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are useful to finance major expenses such as home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

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