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A home equity loan is simply a loan against the equity in your home. These can be a great strategy for financial help, but also potentially troubling.
PROS of Home Equity Loans
-Generally easier to get, depending upon equity and other basic loan factors.
CONS of Home Equity Loans
-Equity loan can become a trap if used to continuously bail yourself out of other debt. It could create a spiral to where the well goes dry, and you have no money left
The Bottom Line
-A home equity loan is like a sharp tool. It is an incredibly awesome tool when used properly and incredibly dangerous weapon if not.
Home Equity Loan
Make sure to check out our Free Financial Calculators for help in deciding if an equity loan may be right for you.
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