What is the difference between a mortgage loan and a personal home equity loan?
Well,with a help of mortgage loan you can purchase a property. There are different kind of mortgages,for example you can take a loan for 10, 15 or 30 years, also there are other terms. With making a regular payments on your mortgage you purchase a house. Home equty loan is not an unsecured loan, like pay day loans online via AmeriLoanSearch. It’s a loan secured by your property. So the loan amount is equal to a cost of your home. People take out such loans when they need to make an important and expensive purchase, but it’s risky enough because if you will be unable to repay the loan you may loose your property.
A mortgage loan allows you to purchase a property and a personal home equity is a loan with lower interest than a personal loan, guaranteed by the property you already brought. Advice: Before acquiring an additional loan for unexpected expenses, find out if you qualify to refinance your current mortgage loan.
