What Is the Difference Between a Home Equity Loan and a Personal Loan? A home equity loan and a personal loan both offer one-time, lump-sum payments that are required to be paid back in installments over an agreed-upon period of time. However, the main difference is that home equity loans […]

A home equity loan—also known as an equity loan, home equity installment loan, or second mortgage—is a type of consumer debt. Home equity loans allow homeowners to borrow against the equity in their homes. This type of loan is relatively easy to arrange, because it is a secured debt. When […]