With a HELOC, you can only pay interest on the cash you take
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NMLS #3030
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4.0
Quicken Loans
America's largest online mortgage lender
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NMLS #1136
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Lending Tree
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NMLS #1717824
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Figure
Fast way to turn home equity into cash
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Is a cash-out refinance right for you?
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NMLS #1168
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AmeriSave
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NMLS #3030
average user review >
4.0
Quicken Loans
America's largest online mortgage lender
Apply online for free, anytime
Customized fixed-rate quote today
Support from qualified Home Loan Experts
Wide range of loan options
NMLS #3030
average user review >
4.0
Rocket Mortgage
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What is a home equity loan?
A home equity loan allows you to borrow money against the equity in your home. Home equity is the value of the home less the amount or any mortgage debt outstanding. With a home equity loan you receive a lump sum payment and then repay the loan over a set period of time at a fixed interest rate. A home equity loan is typically a loan for a fixed amount. These loans generally have a fixed rate of interest and are paid over a fixed term, just like your original mortgage.
Home equity loan vs. HELOC
A home equity loan differs from a home equity line of credit or HELOC. A HELOC is a line of credit against the equity in your home that you tap as needed. Repayment terms can vary and in some cases there can be a balloon payment due at the end of the loan term. The interest rate might also be variable.
The current tax rules based on the tax reform passed at the end of 2017 no longer allow the interest paid on home equity loans or HELOCs to be deducted for tax purposes unless the money is specifically used for home improvements or related items as specified by the IRS.
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