Home Equity LoansHome equity is the difference between the remaining balance of the mortgage loans and the appraised value of the home. Lenders offer a percentage of your home equity as a loan to use for costly home improvements that are too expensive for homeowners to pay for using a credit card. Maintaining your property is an important responsibility, and will increase the appraised value of your property, thus improving your home equity. To a certain extent, the interest charged on home equity loans is tax deductible.
A mortgage calculator can be used to capitalize on fluctuating mortgage rates by refinancing home equity loans to save on monthly payments.