Meaning of “home equity loan” in the English Dictionary

business-english dictionary

"home equity loan" in Business English

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home equity loannoun [ C ]

uk us FINANCE, PROPERTY

a loan that uses your home equity as a guarantee that the money you borrow will be paid back:

We purchased a fixed-rate home equity loan with a regular payback period.

(Definition of “home equity loan” from the Cambridge Business English Dictionary © Cambridge University Press)