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How Home Equity Loans Work
Typically, lenders offer home equity loans based on the difference between your home's current market value and the remaining balance on your mortgage. For instance, if your home is worth $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity. Lenders might allow you to borrow up to 85% of your equity, which in this case would be $85,0001.