GNE Mortgages

Gne Mortgages21 Mar, 2023Finance

A home equity loan, also known as a second mortgage, is a type of loan that allows you to borrow money against the value of your home. Essentially, the lender gives you a lump sum of money that is secured by the equity you have built up in your home. You then pay back the loan over time with interest. Home equity loans are often used to fund large expenses such as home renovations, college tuition, or to consolidate high-interest debt. The amount you can borrow is typically based on the amount of equity you have in your home, which is calculated by subtracting the outstanding mortgage balance from the appraised value of the property.