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There is a time in everyone’s life when they should consider making use of a Home equity loans. When you have been paying off the mortgage of your home and add to that the fact that the value of your home increases in value over time the difference, as I understand it, is known as equity. So say for example your home was worth $200,000 and you borrowed $170,000. Over time you paid $40,000 which means that you still owe the bank $130,000. You have $70,000 in equity, but your home is now worth $250,000 so in actual fact you really have $120,000 in equity.

You can now get a home equity loan for that investment property, small business or home improvement project.