{"id":130,"date":"2022-11-08T10:36:43","date_gmt":"2022-11-08T10:36:43","guid":{"rendered":"https:\/\/www.privamortgage.com\/blog\/?p=130"},"modified":"2022-11-08T10:36:43","modified_gmt":"2022-11-08T10:36:43","slug":"difference-between-home-equity-loan-vs-mortgage-loan","status":"publish","type":"post","link":"https:\/\/www.privamortgage.com\/blog\/difference-between-home-equity-loan-vs-mortgage-loan\/","title":{"rendered":"Difference Between Home Equity Loan Vs. Mortgage Loan"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">You can borrow many types of loans against real estate, including a <strong>home equity loan and mortgage<\/strong>. Both are loans against your property, but the similarities end there.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Understanding how a home equity loan and mortgage work and what differences they have can help you determine your options for <strong>mortgage financing<\/strong>.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">What is a Mortgage?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">When you hear the term mortgage, you likely think of a <strong>conventional mortgage<\/strong> used to buy a house. While there are other options and uses for a mortgage, the premise is the same. You borrow money to buy a house or <strong>refinance your house<\/strong>. Usually, you have to make a down payment or have equity in the home of about 20%.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Other mortgage financing options include <strong>FHA, VA, and USDA loans<\/strong>. Each loan program has different guidelines, including down payment requirements. For example, VA loans don\u2019t require a down payment, and <a href=\"http:\/\/privamortgage.com\/home-loans#FHA-loans\">FHA loans<\/a> allow a down payment of just 3.5%.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Most mortgage loans are the first lien on a property. If a borrower defaults, the mortgage lender can foreclose on the home and make their money back.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">What is a Home Equity Loan?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">A <a href=\"https:\/\/www.privamortgage.com\/blog\/home-equity-loan-what-is-it-and-how-does-it-work\/\">home equity loan<\/a> is another mortgage, but you typically don\u2019t use it to buy a home. Instead, borrowers use a home equity loan to tap into their home\u2019s equity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Equity is the difference between your home\u2019s current value and the amount of outstanding liens. For example, if your home is worth $400,000 and you have a first mortgage worth $100,000, you have $300,000 in equity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Most home equity loans allow borrowers to tap into up to 80% of their home\u2019s equity minus any existing loans.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Like a mortgage, a home equity loan uses the home as collateral.<\/span><\/p>\n<h1><strong><span data-preserver-spaces=\"true\">The Differences Between a Mortgage and Home Equity Loan<\/span><\/strong><\/h1>\n<p><span data-preserver-spaces=\"true\">\u00a0A mortgage is usually used to buy a house, and a home equity loan is used to tap into a home\u2019s equity for other purposes, like debt consolidation or home improvement, but they can serve other purposes too.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0For example, you can use a <a href=\"https:\/\/www.privamortgage.com\/blog\/cash-out-refinance\/\">cash-out refinance<\/a> or a first mortgage to tap into a home\u2019s equity, and you can use a home equity loan as a part of your down payment when buying a house.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0So what are the major differences?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Loan Amounts<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The loan amounts for a mortgage are typically higher than a home equity loan because the mortgage is how you buy the home.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0A <strong>home equity loan<\/strong> usually allows up to 80% of the home\u2019s value, but it\u2019s a combined LTV, which means your total loans (first and second mortgage) can\u2019t exceed 80% of the home\u2019s value. Since the first mortgage usually is for a higher amount, home equity loans are for lower amounts.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Interest Rates<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Mortgage loans typically have lower interest rates than home equity loans because they are a lower risk. <a href=\"https:\/\/www.privamortgage.com\/\">Mortgage loans<\/a> are in the first lien position. So if you default on your loan, the first mortgage lender gets paid first. A second mortgage lender, however, is in a second lien position and might not receive payment.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0The actual difference usually isn\u2019t much, though, and it varies by borrower. For example, a borrower with great credit and a low debt-to-income ratio may get just as attractive of an interest rate on a home equity loan as a first mortgage.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">Loan Terms<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Mortgage loans typically have a longer term than home equity loans. While you can find a home equity loan for 30 years, it\u2019s rare. But most borrowers take a 30-year term for a first mortgage because the loan amount is so high, and they need more time to pay it off.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Home equity loans are usually for 10 \u2013 20 year terms, but you might find an option for a 30-year term. The less time you borrow the money, the less interest you pay, but the higher your monthly payment is.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Loan Purpose<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A mortgage is primarily used to buy a home. It\u2019s the difference between the sales price and your down payment. So, for example, if you\u2019re buying a home for $200,000 and you put down $20,000, you\u2019d borrow $180,000 in a mortgage.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0However, sometimes a home equity loan can be used as a part of the down payment. It\u2019s called a piggyback loan. Here\u2019s how it works:<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 10% down payment from your funds<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 10% from the second mortgage<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 80% from the first mortgage<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, mortgages and home equity loans can have other uses. For example, you can <strong>refinance your first mortgage<\/strong> with a cash-out refinance. This allows you to use your home\u2019s equity for other purposes. Typically, borrowers can have a loan-to-value ratio of up to 80% with a cash-out refinance.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0A home equity loan is typically used for purposes other than buying a house, including:<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Debt consolation<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Home renovations<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Weddings<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 College<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Large expenses<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Emergency funds<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">How to Qualify<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Mortgage loans and home equity loans both have the same approval process. You complete a loan application and prove that you can afford the property. Typically you\u2019ll provide the following:<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Paystubs for the last 30 days<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 W-2s for the last 2 years<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Tax returns for the last 2 years if you\u2019re self-employed<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Bank statements for the last 2 months<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00b7 Proof of employment<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">A home equity loan and mortgage are similar, yet different. They are both liens on your property but have different purposes and qualifying factors.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0If you\u2019re buying a home, you\u2019ll likely borrow a first mortgage, but as you build equity in the home, you may apply for a home equity loan to use the equity but keep the home. Either way, you\u2019re borrowing against your home\u2019s value. Make sure you can afford the payments and put the money to good use to make the most of your investment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can borrow many types of loans against real estate, including a home equity loan and mortgage. Both are loans against your property, but the similarities end there. \u00a0Understanding how a home equity loan and mortgage work and what differences they have can help you determine your options for mortgage financing. \u00a0What is a Mortgage? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[43,9,28,42,29,53,31,51,52,50,40],"class_list":["post-130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-cash-out-refinance","tag-cash-out-refinancing","tag-conventional-mortgage","tag-heloc","tag-home-equity-loan","tag-home-equity-rates","tag-mortgage","tag-mortgage-calculator","tag-mortgage-rates","tag-mortgages-vs-home-equity-loans","tag-second-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Difference Between Home Equity Loan Vs. 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