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What is a home equity loan? Should you get a home equity loan? How does one obtain a home equity loan?

A home equity loan can be a very useful financial tool for home owners. They can tap into their home equity with a home equity loan and use the proceeds to finance home improvements, vacations or to consolidate debt.

Home equity loans are also referred to as home improvement loans and equity loans. When getting a home equity loan, you can either get a fixed rate loan or a home equity line of credit (HELOC).

With a home equity line of credit loan, you are given a maximum amount that you can borrow from any time. You only pay interest charges on the amount of the home equity loan that you are actually using at any particular time.