Home equity refers to cash that has been built up by the home owner of the mortgage through payments and appreciation. (What is home equity = Home equity is the appraised value minus the owed loan amount on the house) This is when the homebuyer builds equity in their home. This equity is like collateral which can be borrowed against.
Different Mortgage Loan Types - Home Ownership - Mortgage Solutions There are many different types of mortgages - make sure you do your homework to pick the one that,s right for you! Below is a list of the most commonly used mortgages and a short description of each. You may also think about allowing one of our many qualified loan professionals to assist you in choosing the right loan.