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How Home Equity Loans Work

A home equity loan allows you to borrow against the equity you've built in your home. The equity is the difference between the current market value of your home and the remaining balance on your mortgage. For example, if your home is valued at $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity. Lenders typically offer a percentage of this equity, which can be used as a loan.