What is a "home equity loan"?

What is a "home equity loan"?

James Bell (Publisher, Auto Reviewer) gives expert video advice on: What does "balloon payment" mean?; What does "base value" mean"?; What does "buy here, pay here" financing mean? and more...

A home equity loan is a loan that takes into account the collateral that you've built as an equity on your home. So the value that the home has appreciated over time, is the difference that can then be borrowed against.