Home equity loans and HELOCs are two of the most common ways homeowners tap into their equity without refinancing. Both allow you to borrow against your home equity, just in slightly different ways.
A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance. The recipient incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
A loan is a type of debt that an individual or other entity incurs. The lender, who is typically a corporation, financial institution, or government, advances money to the borrower. In exchange, the borrower agrees to a set of terms, which may include finance charges, interest, a repayment date, and other conditions.
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