{"id":23055,"date":"2026-01-26T23:23:47","date_gmt":"2026-01-26T23:23:47","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=23055"},"modified":"2026-01-26T23:23:48","modified_gmt":"2026-01-26T23:23:48","slug":"home-equity-loan-vs-mortgage-whats-the-difference","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=23055","title":{"rendered":"Home Equity Loan vs. Mortgage: What\u2019s The Difference?"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Pekic\/GettyImages; Illustration by Hunter Newton\/Bankrate\n        <\/p>\n<\/p><\/div>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<div id=\"block_db77ef4b3ac54c8930bbad2c7ec79d8d\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A mortgage lets you purchase a property, while a home equity loan \u2014 which is a type of second mortgage \u2014 allows you to tap the value of your property to get cash.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Compared to other forms of credit, both mortgages and home equity loans tend to offer lower interest rates and larger loan amounts.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A mortgage is in the first lien position on the property so that the lender recoups its losses first in the event of foreclosure. A home equity loan is in the second position, making it riskier for lenders. Both home equity loans and home equity lines of credit are types of second mortgages.\n                                                <\/li>\n<\/ul>\n<\/div>\n<h2 id=\"comparison\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Home equity loans vs. mortgages: Similarities and differences\" data-outcome=\"\">Home equity loans vs. mortgages: Similarities and differences<\/h2>\n<p>Apples and oranges, while different, are still both fruits. In much the same way, mortgages and home equity loans are two types of home loans. But there are a lot of differences between the two. <\/p>\n<h3>A summary: Home equity loans vs. mortgages<\/h3>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table Table Table--text Table--stripedOdd Table--spacing1 align-middle is-style-stripes has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th\/>\n<th>Mortgage<\/th>\n<th>Home equity loan<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Purpose<\/strong><\/td>\n<td>To purchase a home<\/td>\n<td>To receive cash using your home\u2019s equity<\/td>\n<\/tr>\n<tr>\n<td><strong>Type<\/strong><\/td>\n<td>Mortgage<\/td>\n<td>Second mortgage<\/td>\n<\/tr>\n<tr>\n<td><strong>Collateral<\/strong><\/td>\n<td>The property<\/td>\n<td>The property<\/td>\n<\/tr>\n<tr>\n<td><strong>Interest rates<\/strong><\/td>\n<td>Lower than home equity, either fixed or adjustable<\/td>\n<td>Higher than a mortgage but lower than a personal loan or credit card, usually fixed<\/td>\n<\/tr>\n<tr>\n<td><strong>Lien position<\/strong><\/td>\n<td>First<\/td>\n<td>Second<\/td>\n<\/tr>\n<tr>\n<td><strong>Closing<\/strong><\/td>\n<td>Longer closing time and higher fees than a home equity loan<\/td>\n<td>Shorter closing time and fewer fees than a mortgage<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>Similarities between mortgages and home equity loans<\/h3>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Secured by property: <\/strong>With both home equity loans and mortgages, your home is used as collateral for the loan. That means if you don\u2019t repay the debt, the lender can foreclose on the property.<\/li>\n<li>\n<strong>Borrow a relatively large amount: <\/strong>Mortgages and home equity loans allow you to borrow well into the six figures or even higher, unlike most personal loans.<\/li>\n<li>\n<strong>Lower interest rates: <\/strong>Compared to personal loans and credit cards, mortgages and home equity loans have much lower interest rates. That\u2019s because they\u2019re backed by your property, lowering the risk for lenders.<\/li>\n<li>\n<strong>Similar qualifying criteria: <\/strong>Mortgages and home equity loans require certain financial qualifications to get a loan, relating to your credit score, loan-to-value (LTV) ratio and debt-to-income (DTI) ratio.<\/li>\n<\/ul>\n<h3>Differences between mortgages and home equity loans<\/h3>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Lien position<\/strong><strong>: <\/strong>The primary mortgage always occupies the first lien position on a home. This means that if the lender were to foreclose, the lender who originated the first mortgage would receive the proceeds of the foreclosure sale first. Next in line would be the lender of the home equity loan.<\/li>\n<li>\n<strong>Closing:<\/strong> Home equity loans typically close faster and come with fewer closing costs than mortgages.<\/li>\n<li>\n<strong>Risk and interest rates: <\/strong>Since a primary mortgage takes a first lien position, it\u2019s less risky to lenders than a home equity loan. This translates to higher rates on home equity loans compared with purchase mortgage rates.<\/li>\n<li>\n<strong>Qualifying: <\/strong>While mortgages and home equity loans share types of qualifying criteria, it\u2019s typically harder to qualify for a home equity loan. In general, home equity loans require you to have more than 20% equity and a credit score in the mid-600s. On the other hand, an FHA mortgage loan can be had with 3.5% down and a credit score as low as 580.<\/li>\n<li>\n<strong>Fixed or adjustable rates: <\/strong>Mortgages can come with a fixed or adjustable rate, while home equity loans typically have fixed rates.<\/li>\n<\/ul>\n<h2 id=\"mortgage-work\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How does a mortgage work?\" data-outcome=\"\">How does a mortgage work?<\/h2>\n<p>A mortgage is a loan that helps you finance a home purchase. Mortgage lenders have requirements you need to meet to be approved for a loan. These typically involve:<\/p>\n<ul class=\"wp-block-list\">\n<li>A minimum credit score that shows a history of on-time payments<\/li>\n<li>A DTI ratio that shows you earn enough money to cover other expenses such as a car loan or credit card bill<\/li>\n<li>A minimum down payment<\/li>\n<li>Enough cash to cover closing costs on the mortgage<\/li>\n<\/ul>\n<p>The most common type of mortgage is a 30-year fixed-rate loan, but there are other options for borrowing money for a home, too, such as 15-year fixed-rate loans and adjustable-rate mortgages.<\/p>\n<h2 id=\"home-equity-loan-work\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How does a home equity loan work?\" data-outcome=\"\">How does a home equity loan work?<\/h2>\n<p>A home equity loan comes later in the homeownership journey. You can get one after you\u2019ve paid off your mortgage or while you\u2019re still repaying it. <\/p>\n<p>A home equity loan allows you to borrow against the ownership stake you\u2019ve built up in the home (basically, the home\u2019s value minus your mortgage balance, but with some limits). You can use the money for any purpose. Homeowners often take out home equity loans to fund home renovations or repairs, or to consolidate debt. Both home equity loans and home equity lines of credit are a type of second mortgage.<\/p>\n<p>Let\u2019s say your home is worth $400,000, and you owe $150,000 on your first mortgage. That means you have $250,000 of equity in your home, and you can use that equity as the collateral for a loan. Generally, lenders require you to keep 20% of your home\u2019s appraised value untouched. So, in this scenario, you\u2019d have to keep $80,000 in equity, leaving you with up to $170,000 to borrow.<\/p>\n<p>Applying for a home equity loan is similar to applying for a mortgage; a home equity loan is also known as a second mortgage. Generally, lenders will evaluate your credit and income, and appraise the property. <\/p>\n<p>To qualify for a home equity loan, you\u2019ll generally need at least 20% equity, a credit score in the mid-600s and an acceptable debt-to-income ratio. But these requirements can vary based on a few different variables, such as whether the home is your primary residence or an investment property, and whether you have a co-borrower. <\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    What is a HELOC?\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>A HELOC \u2014 or home equity line of credit \u2014 is another option that lets you tap your equity. Instead of getting a lump sum, as you would with a home equity loan, HELOCs allow you to withdraw money as you need it, similar to using a credit card. Typically, HELOCs have variable interest rates and come with a draw period during which you can borrow funds, followed by a repayment period.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"bottom-line\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>Mortgages and home equity loans both use the property as collateral and offer lower interest rates than personal loans and credit cards. A mortgage is used if you\u2019re purchasing a new home and takes the first lien position. A home equity loan may be used if you already own a home and have equity you want to turn into cash; it takes the second lien position.<\/p>\n<h2 id=\"faqs\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQs\" data-outcome=\"\">FAQs<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages', 'heading-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages')\" :aria-controls=\"$id('panel-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How do tax deductions compare between home equity loans and mortgages?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages')\" :aria-labelledby=\"$id('heading-how-do-tax-deductions-compare-between-home-equity-loans-and-mortgages')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            If you\u00a0itemize deductions on your tax return, you can deduct the interest you paid during the tax year on your mortgage and home equity loan, but only if you used the money to \u201cbuy, build or substantially improve your home,\u201d according to the IRS. (If, for example, you took out a home equity loan to pay off credit card debt, you can\u2019t deduct that loan interest.) You can deduct the interest you paid on up to $750,000 of combined debt (your mortgage plus the home equity loan) if you purchased the home after Dec. 15, 2017. If you purchased the home before that date, you can deduct interest on up to $1 million of combined debt. (If you bought the home before Oct. 13, 1987, you can deduct the interest paid in the tax year on all of your mortgage debt.)\n        <\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-is-a-home-equity-loan-a-second-mortgage', 'heading-is-a-home-equity-loan-a-second-mortgage']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-is-a-home-equity-loan-a-second-mortgage')\" :aria-controls=\"$id('panel-is-a-home-equity-loan-a-second-mortgage')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Is a home equity loan a second mortgage?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-is-a-home-equity-loan-a-second-mortgage')\" :aria-labelledby=\"$id('heading-is-a-home-equity-loan-a-second-mortgage')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            A home equity loan is a second mortgage. This means that the loan was taken out after the first mortgage and is, therefore, in a \u201cjunior\u201d or \u201csubordinate\u201d lien position. In the event of a foreclosure sale, the first lien holder (the lender you got your first mortgage from) receives their share of the proceeds first, followed by the second lien holder (the lender you got your home equity loan from) and so on. Second and subsequent lien holders are in a riskier position because there\u2019s a chance they might not recoup all of what they\u2019re owed.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan', 'heading-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan')\" :aria-controls=\"$id('panel-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    What is a reverse mortgage, and how does it compare to a home equity loan?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan')\" :aria-labelledby=\"$id('heading-what-is-a-reverse-mortgage-and-how-does-it-compare-to-a-home-equity-loan')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            A\u00a0reverse mortgage is an option for older homeowners to tap their home equity in return for regular, lump-sum payments or a line of credit. With a reverse mortgage, cash is doled out in portions to the homeowner and the homeowner isn\u2019t required to pay back the mortgage while they live in the home.\u00a0With a home equity loan, the cash is distributed as a lump sum, and repayment starts immediately.\n        <\/div>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"oPfxXXxgnR\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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1.227.065.14.183.248.323.323.151.075.603.075 1.227.075h.16c.625 0 1.078 0 1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" 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4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/mortgage-vs-home-equity-loan\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pekic\/GettyImages; Illustration by Hunter Newton\/Bankrate Key takeaways A mortgage lets you purchase a property, while a home equity loan \u2014 which is a type of second mortgage \u2014 allows you to tap the value of your property to get cash. Compared to other forms of credit, both mortgages and home equity loans tend to offer<\/p>\n","protected":false},"author":1,"featured_media":23056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home Equity Loan vs. Mortgage: What\u2019s The Difference? | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Pekic\/GettyImages; Illustration by Hunter Newton\/Bankrate Key takeaways A mortgage lets you purchase a property, while a home equity loan \u2014 which is a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/budgetadirect.com\/?p=23055\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Equity Loan vs. Mortgage: What\u2019s The Difference? 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