home equity loan

Definition

A loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt incurred in the purchase.

Use home equity loan in a sentence

You need to shop around to make sure that you get the best rate you can on any home equity loan.

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I got a home equity loan and it was really cool because there were a lot of facets to it that were interesting.

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The home equity loan was an especially risky move for the financially independent conscious customer who wished to retire early.

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home equity monthly debt service