The homeowner may not borrow any more money after getting the entire loan but this also means that the debt cannot and will not grow any bigger than the set amount. The home equity loan rate stays the same. Another thing that's great about this type of loan is the tax benefits that one may get from it. The interest paid on the home equity loan rate can be deductible from one's personal income taxes.Remember that a home equity loan is a loan that is made against a person's home. This may be a huge gamble for many people but because it is a secured debt, many consider it for important uses such as home repairs, college tuition, and medical bills. This type of loan is also just the right thing for borrowers who need large amounts and like knowing how much exactly to pay at each payment period. The fixed home equity loan rate makes payments very predictable and easy to budget. A home equity loan isn't for people who need to keep borrowing money to pay for recurring expenses.