An equity loan is a mortgage loan wherein the property to be mortgaged is already owned by the person wanting to take the loan. In the event of default, the lender can recover his dues by selling the property. The loan may be a first mortgage, second mortgage and sometimes even third or fourth mortgage.
Today, the best place to find and compare loan rates is online. This can be done very easily, without going anywhere, from the comfort of one’s home or office.
This is a more difficult method of research, where in one would have to gather data pertaining to loan rates for equity, from newspapers, magazines and even personally calling or visiting offices of lending institutions. He would then have to study this information and find the lender who offers the best terms.
Thus, a person who owns a home or some other property can borrow loans, using it as collateral. Simple research on the internet would give enough information regarding these loans and help the borrower to select the best lender.