Home equity loans- what are they?

The home euity loans are preferred to both finance and borrowers provider.Home equity loan comes here if but a site or a house and amount upto which the mortgage amount is the HOME EQUITY LOAN.
So, you will borrow some amount from Lender.if you fail to give him back then automatically your house will be sold.
Here,we will come on a clear dicussion from the following articles:-

Home equity loans:-what are they?
Home equity means the difference between how much the home is worth and how much you own on mortgage.It can be stated as difference between your home value and mortage loan balance.Thus home equity loans allow you to borrow money using your home equity by taking the property as a guarantee that u will refund the debt.
Thus if you don't repay your debt the lender can take your collateral and sell it to gets his money back. Home equity online loans are gaining popularity as the preferred mode than approaching the lender brokers directly .The online home equity loans have less procedure and take less time in lending the money than any other process.

Thus we can say the home equity loan is a second mortgage that lets you turn equity in to cash, allowing it to be spent on home improvements, debt consolidation, college education, or other expenses. A home equity loan is a one-time lump sum amount that is paid off over a period of time, with a fixed interest rate and the same payments each month. Once you borrowed the money from lender, you can't borrow further from the loan. The bank rate survey tells that the home equity is a good source for current rates.