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Home Equity LoanA home equity loan is described as the line of credit that allows the borrower to borrow money using home's equity as a collateral. Equity is the difference between the worth of the home and the amount owed on the mortgage. Collateral is a property that is pledged as a guarantee by the borrower that the loan will debt will be repaid. Home equity loans are categorized in two sectors: " Closed End Home Equity Loan
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