A home equity loan provides access to the equity in properties you own, using the funds for other purposes, such as increasing your real estate portfolio, paying a significant expense, or even debt consolidation.
You have equity in a property when you owe less on any property liens than the property’s value. To calculate the equity, subtract any loan amounts from the home’s current market value.
If your properties have equity, here’s everything you must know about a home equity loan.
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