Home-equity loan dictionary definition | home-equity loan defined – A loan or credit line that is secured by the equity the borrower has in a home. THE AMERICAN HERITAGE DICTIONARY OF THE ENGLISH LANGUAGE, FIFTH EDITION by the Editors of the american heritage dictionaries.
A home equity loan is a second mortgage that allows you to borrow against the value of your home. Your home equity is calculated by subtracting how much you still owe on your mortgage from the.
A home equity loan is a lump-sum loan, which means you get all of the money at once and repay with a flat monthly installment that you can count on over the life of the loan, generally five to 15 years.
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Home-Equity Loan What is a ‘Home-Equity Loan’ A home-equity loan, also known as an "equity loan," a home-equity. BREAKING DOWN ‘Home-Equity Loan’ Home-equity loans exploded in popularity after. Benefits of a Home-Equity Loan for Consumers. Home-equity loans provide an easy source of cash..
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What is Home Equity? definition and meaning – Definition. home equity loans are often used to consolidate other debt with high interest rates (like credit card debt), to finance large expenses (such as college or a wedding), or to purchase other costly items. There are two main types of home equity loans. The first type is the traditional home equity loan, also known as the second mortgage,
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What is a home equity loan? – A home equity loan (sometimes called a HEL) allows you to borrow money using the equity in your home as collateral. Equity is the amount your property is currently worth, minus the amount of any existing mortgage on your property.
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It is meant to provide a measure of the overall cost of the loan, meaning that it considers certain fees, including certain third party fees, that may be charged in.