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Home Equity Loans

A home equity loan is a fixed or adjustable rate loan, secured by your house. The interest paid is usually tax deductible. Home equity loans are often used for home improvements, or to replace other types of consumer loans that are not tax deductible and have higher interest rates. A home equity line of credit is a variation, where the bank provides a credit that the borrower can tap by writing checks or getting an advance. A home equity line of credit is a good way to pay off other debts, such as credit cards and auto loans.