what is a home equity loan 
a home equity loan also known as an equity loan home equity installment loan or second mortgage is a type of consumer debt home equity loans allow homeowners to borrow against the equity in their homes the loan amount is based on the difference between the home s current market value and the homeowner s mortgage balance due home equity loans tend to be fixed rate while the typical alternative home equity lines of credit helocs generally have variable rates investopedia zoe hansen