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Glossary Term: HOME-EQUITY LOAN

Definition(s) for HOME-EQUITY LOAN:


1. ) refers to a loan offered by banks and other mortgage lenders that allows a homeowner to tap the built-up equity in his or her home. Home-equity loans allow you to borrow a certain amount and pay it back over a specified term, and they generally carry low fixed interest rates. Interest payments on up to $100,000 of home-equity debt are also tax-deductible. (That is on top of the interest writeoff you get on mortgage loans of up to $1 million.) If you're thinking of consolidating your debt, taking out a home-equity loan is an effective means.



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