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An equity loan is a mortgage
placed on an asset usually property in exchange for cash to the
borrower, that is why it is often referred to as an home equity
loan. They are a secured type of loan. Home equity loans can be for terms such as 15 or 30
years.
It is a suitable loan for things like home
improvements, a new kitchen for example. A home equity loan can save
you a balloon payment. They generally have fixed interest rates and
range from about $10,000 to $500,000.
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