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Equity represents the difference between what your home is worth and how much you owe on it. A home equity loan or home equity line of credit allows you to borrow money against the equity you have in your home.
Read more about What is a home equity loan?
A mortgage is a loan secured by your home. Mortgages can be used to purchase homes and property, to refinance an existing home loan, and in some cases to provide cash or pay off other debt.
Read more about What is a mortgage?
Because some steps in the funding process happen quickly, but others can be subject to scheduling concerns and the volume of loans in process, the time it takes to fund a home equity loan can vary. Your loan representative will be able to give you an estimated timeline as you move through the process.
Read more about How long will it take to fund my home equity loan?
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