A: As with any loan, there are some risks associated with a home equity loan. These include:
- Losing your home: If you default on your loan, you could lose your home to foreclosure.
- Damage to your credit: If you miss payments on your loan, your credit score could be damaged.
- High closing costs: Home equity loans typically have higher closing costs than traditional mortgages.
Q: How do I qualify for a home equity loan?
A: To qualify for a home equity loan, you will typically need to have:
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