A junior mortgage refinance loan that is taken out against the equity that a homeowner has accrued on his or her property. For example, if a person owns a $200,000 home with a mortgage of $110,000 (for an established equity level of $90,000), that person can usually obtain a home equity loan for up to $90,000 or more. The home equity loan will not touch or affect the existing first mortgage, and this home equity loan will have a separate payment program. For more information, see the "Second Mortgages" and "125% LTV Second Mortgage" articles in the "Loan Programs" section.
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