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If you?re a homeowner looking for cash to reach a financial goal, your home itself could be the source of the capital you need. Home equity loans allow you to tap into the value of your home to get cash for any purpose. A home equity loan is akin to a second mortgage on your property, allowing you to borrow the difference between the value of your home and the outstanding balance on your original mortgage.
In this video, learn how home equity loans work. You?ll hear about the two different types of these loans: set loans and home equity lines of credit. You will also find out why the interest rate on your home equity loan may be slightly higher than your original mortgage rate and how to best manage these loans.
If you need a home equity loan, turn to Pioneer West Acceptance Corp. We?re Vancouver?s top mortgage broker and can help you find the best loan for your needs. Call (866) 217-2518 today to learn more about our services and competitive mortgage rates.
Source: http://www.pioneerwest.ca/534328/2012/08/30/personal-finance-terms-101-home-equity-loan.html
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