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What are the basic differences between a home equity loan and a first mortgage loan?

April 26, 2017BASIC differences home equity loan mortgage loan

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What are the basic differences between a home equity loan and a first mortgage loan?

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The first mortgage loan must be in the first lien at the courthouse. The first mortgages offer a greater number of years. Home equities are shorter terms. The first mortgages have fees associated with doing the loan.