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Because they’re secured against your home, however, home equity loans usually feature lower interest rates and longer loan terms than personal loans.In addition, provided you have the necessary equity, you can usually borrow more money with a home equity loan than you can with a personal loan.
While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Wednesday, April 20, 2016 The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities. We all have different financial circumstances, priorities, and goals, and what’s right for one person – or even what’s right for most people – may not be right for you.As noted earlier, home equity loans are secured against the borrower’s home, so, just as is the case with your mortgage, if you default on your home equity loan, your lender can foreclosure on your home.Personal loans, on the other hand, are usually unsecured, so, while failure to make your payments on time will adversely impact your credit, none of your personal property is at risk.So, for example, if you owe 0,000 on a home valued at 0,000, a home equity loan enables you to borrow against that 0,000 in equity.Home equity loans are fixed-rate installment loans, meaning they’re repaid in equal monthly payments over a fixed period of time – usually in the neighborhood of 15 years.That won’t be the only upfront cost either, as you’ll incur a variety of application costs and processing fees, just as you would with a traditional mortgage.