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Closed End Equity Loans
The most common type of equity loan is called a closed-end equity loan, which allows you to borrow based on the available equity in your home (minus the combined amount of any current liens on the residence). The funds from the loan may be used for anything – home improvements, vehicle purchases, braces, vacation costs, debt consolidation, and other large life expenses – and, in some cases, the interest may be tax-deductible.
Typically a closed-end equity loan is a fixed-rate loan with set monthly payments, but there are adjustable-rate loans also available. Like many loans, this type of loan gives the borrower the funds upfront in a lump sum. Closed-end equity loans also commonly have low closing costs, which makes them an attractive option for borrowers.