home equity loans how do they work

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If you get a home equity loan, you will receive the entire amount of the loan all at once, as opposed to a home equity line of credit, which works similar to a credit card, where you take just what you need when you need it, and then pay it off in monthly installments.

A home equity loan is a lump-sum loan, which means you get all of the money at once and repay with a flat monthly installment that you can count on over the life of the loan, generally five to 15 years.

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There are two types of home equity loans that a home owner can apply for. One is a standard loan. This loan works just like your mortgage payment. You will borrow X amount of dollars, up to what ever your equity is in the home or whatever your lender will allow. You will pay this back over a certain period of years.

Home-equity loans exploded in popularity in the late 1980s, as they provided a way to somewhat circumvent the Tax Reform Act of 1986, which eliminated deductions for the interest on most consumer.

To get a home equity line of credit, the property owner applies with a lender. The lender considers the property’s market value and outstanding debts against the home, as well as the borrower’s income, credit score, and other outstanding debt. Typically, a bank may extend credit up to 80% of the home’s value, minus the outstanding mortgage.

HELOCs typically have adjustable interest rates, and they. repay the loan as cash flow permits," said Greg McBride, chief financial analyst for Bankrate.com. "It’s conducive to home improvements.

How do home equity loans work? Once you get a home equity loan, your lender will pay out a single lump sum. Once you’ve received your loan, you start repaying it right away at a fixed interest rate.