Home Equity Loans Home Equity Loans - There are a number of different loans available to home owners. One of the more popular loans is a home equity loan. A home equity loans is essentially a second mortgage on a residence. Home equity loans are generally used to make improvements to a home -- add an addition, renovate a basement -- or to help the borrower pay down an existing debt that has a high interest rate.In order to get a home equity loan, the borrower must have sufficient equity in his or her home. Equity is simply the difference between the market value of a home and the amount owed on a mortgage. When applying for a home equity loan, the borrower must have a a good credit rating, not have an uncontrollable level of debt, and must be working full time. The interest rates on home equity loans are often lower than on a first mortgage. On the plus side, the interest paid on home equity loans is tax deductible.You can also get home equity loans if you have little or no equity in your home. These home equity loans have much higher interest rates than other loans. And they might also have more fees and have tighter restrictions. Quelle "Home Equity Loans" : General Main page for "Home Equity Loans"