Home Equity Loans

Home loans are used for purchasing homes or mortgages, refinancing homes or 2nd mortgage loans. Home loans are available as good credit or bad credit home loans.

 Home equity loans are made to homeowners and are secured by a mortgage on the property. The lien of the mortgage may be in a first or second position, and may bear interest at fixed or adjustable rates. Many of the home equity loans in Ambac's securitizations are first lien mortgages. Many home equity loans constitute refinancing by borrowers of their previous mortgages. Borrowers under these loans may have impaired credit histories. These loans are often charactarized as "sub-prime".