What is a Home Equity Loan? A Home Equity Loan is a mortgage loan in addition to any other mortgages you have. In other words, a second (or third, fourth, etc.) mortgage. To get one, you'll need equity: the difference between what your home is worth and what you owe on it.
When should I get a Home Equity Loan? When you need to borrow big, like to make a major home improvement or buy a car.
