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What is a home equity loan? I am hearing all these buzz words concerning the mortgage industry and I do not want to miss the boat on a good investment opportunity. I need some mortgage advice on what I should do with my property. I need to know the basic information first and I can not really figure out the difference between a home equity line of credit versus a second mortgage. Is there a difference between the two or is it the same thing defined in two different ways? If they are different, which one is a better loan to get?