If you need to pay for an expensive purchase or want to consolidate your debt with a single loan, a home equity loan is a terrific way to do so. A home equity loan is a financial product that permits you to borrow against the equity in your home. Your home's equity is the difference between what you owe on the home and your home's worth. For example, if you owe $140,000 on your home that is worth $200,000 and your bank will extend a home equity loan for up to 80 percent of your home's value, you can borrow up to $20,000 of your home's equity ($200,000 multiplied by 80 percent, less than amount that you owe). [Read More]