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Re-mortgage equity loans are secondary loans taken out on the same house. Few loans are superior to other types of loans when the borrower is not required to pay penalties on the loan. Thus, if you have a current loan, it is important to know where you stand. You may want to look over your terms and conditions before you consider re-mortgage equity loans. Thus, if you have a penalty clause in the agreement, you should read it carefully to make sure that you will not need to payoff your first mortgage in full before taking on an equity loan.