Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves needing additional money but not wanting to pay an exceptional amount on interest.

These online homeowner loans use the equity that you've built up in your house as collateral to secure the loan, and usually feature interest rates and loan repayment terms that are competitive to if not better than many loans that are offered by more traditional physical lending institutions such as banks and finance companies.

Defining equity

If you're wanting to apply for online homeowner loans but are not exactly sure what equity is, don't worry