Enter Zip, City, or County... i.e. orange,NY or 90019
Search Method:    regular time edocs

Resources > Glossary > Home Equity Line of Credit

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

0-9  A  B  C  D  E  F  G  [H]  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  
Common Terms 1   Common Terms 2

Home Equity Line of Credit

Function: noun

Definition 1:
A HELOC is a credit line that is secured by a second deed of trust on a house. Equity lines of credit are revolving accounts that work like a credit card, which can be paid down or charged up for the term of the loan. There is a minimum payment due each month which is interest only. Many homeowners only use their home equity line of credit for home improvements, and medical bills, but not for daily expenses. The lender will look at your income, other debts, and credit history to determine your credit limit. Many home equity lines of credit allow the borrower to use designated checks to withdraw or spend money from the line of credit. HELOC's generally use an adjustable rate.

Thesaurus / Related Terms
Home Equity Loan