Exotic and lovely -- and much more distinctive now than Samantha or Tamara. In the U.S., Samara has been declining in popularity for some years; ranking well below its 2006 peak of Number 350. Samara is a city in western Russia as well as a bona fide first name.
How does a home equity loan work? A home equity loan lets you borrow money, using that equity you have built in your home as collateral. You receive a lump sum of money that is repayable over a fixed term, giving you the security of a locked-in rate and a consistent monthly payment. Plus, unlike most types of consumer loans, the interest on a home equity loan may be tax deductible 2.
The term home equity essentially refers to the portion of your home's value that is not owned by the mortgage company. Your home equity increases the more you pay down the mortgage on your house, and the equity you build may be accessed for your use via a loan or a line of credit. Understanding what home equity is and how it works can equip you to use this financial tool to your best advantage.