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When you are looking into a home equity loan, you are essentially looking into an additional mortgage loan. This loan will have the ability to amount up to the excess of what you owe on your home. Meaning that if your home is worth $175,000.00 and you owe $100,000.00 then you have $75,000.00 in equity. This type of loan is a one time cash payment that can be used for anything. It is not required to have a down payment, and you can sometimes make the payments at the same time as your mortgage payments depending if it from the same lender.
Most home equity loans have one fixed monthly payment and the interest will never go up. This type of loan is best used when you need a large amount of money up front, and is an alternative to a home equity line of credit
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