Home Equity Loan

Fixed-rate loan using your home equity as collateral.

Home equity loans let you borrow against your home's value minus what you owe. Most lenders allow borrowing up to 80-85% of your equity. Rates are lower than personal loans (typically 7-10%) because your home is collateral. Common uses: home renovations, debt consolidation, or large expenses. Interest may be tax-deductible if used for home improvements. Be cautious: you could lose your home if you cannot repay.