What is a Home Equity Loan?

What is a Home Equity Loan? If you have ever been a little confused about this oft-tossed-around term, you’ve come to the right place for a little clarification.
What is a Home Equity Loan?

Home Equity Loan and Line

There are basically two types of Equity Loans that you can obtain – that is, loans for borrowing against the equity value of your property.

Home Equity Loan and Line

Average Mortgage Rates Across The Country
Loan Type
 Today Last Week
30 Year Fixed 5.08% 5.09%
15 Year Fixed 4.77% 4.72%
1 Year ARM 4.88% 4.86%
30 Year Fixed Jumbo 6.47% 6.88%
5/1 ARM 4.75% 4.83%
3/1 ARM 4.96% 5.04%