A home equity loan, also known as a home equity installment loan or a second mortgage, is a type of consumer debt.; Home equity loans allow homeowners to borrow against the equity in their residence., A home equity loan is a loan you take out against the equity you already have in your home. It gives you fast access to cash, with a predictable, long-term repayment schedule. It’s one of a few options homeowners can use to access some of the equity they’ve built in their homes without selling., A home equity loan is a one-time installment loan that lets you use the equity in your home as collateral. It’s sometimes referred to as a home equity installment loan or HELOAN for short. Home equity loans offer several benefits, including a fixed interest rate that may be lower than other types of loans, and a regular monthly payment., A home equity loan is a second mortgage that allows you to borrow your equity as a lump sum, using your home as collateral. Learn more about home equity loans., Monthly payments on a $50,000 home equity loan can vary widely depending on your home value, outstanding mortgage balance, loan term length, credit profile, lender and location., The current average annual percentage rate (APR) for a 30-year, $100,000 home equity loan is 6.63%. Rates are calculated based on conditional offers for both home equity loans and home equity lines of credit with 30-year repayment periods presented to consumers nationwide by LendingTree’s network partners in the past 30 days for each loan amount..