Any loan which is collateralized by a person’s home and which has a fixed number of payments and a fixed amount borrowed.

A line of credit secured by the borrower's home.

This multi-purpose loan option allows homeowners the opportunity to borrow at very competitive fixed rates and gain valuable tax benefits. Unlike the Home Equity Line of Credit, this loan is intended for a one-time advance. It cannot be accessed continually. Once the loan is disbursed, the rate remains fixed for the term of the loan. In most cases, members can deduct their home equity interest at tax time. You should check with their tax preparer for tax deductibility details. Credit approval required.

An installment loan secured by the equity in a borrower's residence. It can be used for home improvements, debt consolidation and other major purchases or expenses. Interest on these loans may be tax deductible. On the funding date, all of the principal is advanced for the benefit of the borrower(s).

MP] Same as Second Mortgage.

With a home equity loan the full amount of the loan is disbursed and is repaid in a fixed amount of principal and interest payments over a fixed period of time.

A loan for homeowners to borrow money against any equity in their homes.

A second mortgage, structured either as a lump sum loan similar to a first mortgage, or as a line of credit.

A loan based on the equity on the borrower's home.

A loan secured by a mortgage, either as a line of credit to be drawn on as needed, or a second mortgage providing a lump sum amount.

This type of loan lets you borrow money against the difference between your first mortgage balance and the appraised value of your home. The loan will be placed of record as a lien against your property and must be paid in full when you sell the property.

A loan based on the amount of equity you have in your home.

A loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt incurred in the purchase. Interest on a home equity loan may be tax deductible, but if you fail to pay your home equity loan, your home could be sold to pay off the debt.

Loans secured by a specific property that were made against the "equity" of the property after it was purchased. The equity of a house is the value of a house minus all outstanding debt secured by the house.

A fixed or variable rate loan, collateralized by a mortgage, that allows a homeowner to borrow on the equity of a home.

A loan that is secured by the equity in a borrower's home and may be used for many things including home improvements, major purchases or expenses or debt consolidation.

A fixed rate, fixed term or a revolving-line of credit loan based on the available equity of a home.

A loan secured by a homeowner's equity. The lender provides funds at closing, with a corresponding lien against the property. The loan is repaid in monthly payments for the term of the loan.

A loan allowing the mortgagor to borrow against the equity in the property, possibly up to 100% of the equity in the property.

A loan secured by the equity in your home. These are sought for various purposes such as home improvements, major purchases, expenses, and debt consolidation.

A "Second Mortgage," it is a loan secured by the value of a primary house.

A closed-end mortgage loan on a borrower's principal residence.

This is a loan that assesses the amount of home equity you have and based on that, offers a line of credit that can be used to invest in a property or to renovate for example. These loans are not suitable for everyone, so talk to your First Choice consultant.

Owners who borrow against the equity in their homes.

A loan secured by equity in the borrower's home; also called a second mortgage.

Type of loan that is secured by a mortgage on the borrowers home. Typically it is a second mortgage. It can be fixed rate loan or an adjustable rate credit line.

Mortgage financing that consists of a revolving line of credit secured by the appraised market value of the home. Usable for any purpose.

A loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years.

Generally a second mortgage that uses the equity of the property to secure the loan.

A loan secured by the equity in a property, which can be either fixed rate or adjustable.

A Home Equity loan is a loan secured by a mortgage/ deed of trust on a home. Loan proceeds are provided in the form of a check for one lump sum at the time of closing. Repayment of both principal and interest is expected to begin the proceeding month.

sometimes called a second mortgage -- is a loan using the equity in your house as collateral. Your equity is the difference between what your property is worth and how much you owe on your original mortgage loan(s). If your house is could sell for $100,000 and you owe $25,000 on your mortgage, you have $75,000 worth of equity. Banks may lend you up to 100% of your equity. See our article on Home Equity Loans for more information.

A loan that allows property owners to borrow against their property's equity. This loan is paid out in one lump sum, and is usually repaid in installments.

The loan used on a home equity line of credit.

A home equity loan is a mortgage loan that is secured by the residual equity in your home. To calculate equity, subtract mortgage debt from your home value. Home equity loans allow a homeowner to make repairs or other home improvements, refinance other debt, or use for general purposes. Unlike a home-equity line of credit, a home equity loan is an amortizing loan.

A Home Equity Loan is a loan secured by a subordinate mortgage on one's principal residence, generally used for home improvement or non-housing expenditures such as debt consolidation, education, an auto purchase, etc. A home equity loan provides lump-sum proceeds at the time the loan is closed. It is fully amortized with a fixed interest rate and payments.

A loan made to a current homeowner that is secured by the equity in the home.

A home equity loan allows a homeowner to borrow against the equity in their home and provides a lump sum of cash to be used for home improvements, debt consolidation, or however the homeowner sees fit.

Loan in which the lender allows the borrower to use the equity in his or her home as collateral for a line of credit or revolving credit. The borrower may then obtain cash advances by using a credit card or checks up to some predetermined limit. - Income - Money or its equivalent, earned periodically by an individual, a corporation, etc., in return for goods or services provided. Opposite of loss.

A home equity loan is a second mortgage or lien on your home. Home equity loans can be a very powerful tax-deductible financial tool. Since home equity credit is a type of mortgage, it shares lower interest rates and the tax advantages of mortgages. You can borrow up to $100,000 of your available home equity for virtually any purpose, and, in most cases, 100% of the interest paid each year is tax deductible (ask your tax advisor).

A private loan where real estate serves as the collateral for the loan; the loan is often used for renovation or personal expenses.

An additional mortgage secured by the equity in the home. All funds for this loan are disbursed at closing. (In contrast, see Home Equity Line of Credit)

Is the Type of loan that is secured by a mortgage on the borrower home, typically this is in the form of a second mortgage, which can be a fixed or adjustable line of credit.

A loan secured by the equity built up in a home. Such a loan is often used to pay for repairs and home improvements. May be a fixed or variable loan rate.

A loan secured by a person's home.

Installment loan secured by your home.

A fixed or adjustable rate loan secured by the equity in one's home. Interest paid is usually tax-deductible.

a loan secured by a second deed of trust on a house, typically used as a home improvement loan.

A loan secured by the equity in a home. These loans can be used for home improvements, debt consolidation and other major purchases or expenses. Interest paid on the loan may be tax deductible (please consult a tax advisor). See home equity line of credit.

A loan for homeowners who borrow against the home equity of their residence in order to make home improvements, consolidate debts, or make other significant expenses and purchases. The loan is determined by the difference between the fair market value over the debt incurred in the purchase of the property.

A loan based on the difference of the amount you own on your home, and the home's current market value.

This is considered a second mortgage. It is a lien against the property. The transferee can borrow money from this account up to the maximum line of credit. There is usually a minimum payment, but the loan can be paid at any time. Usually, AECC pays off this loan upon the calculation of the transferee's equity.

Debt secured by your principal residence or second home (such as a second mortgage or home-equity line of credit) that is not used to buy, build or substantially improve the property. Although interest on most loans is not deductible (see Personal interest), interest on up to $100,000 of home-equity debt remains deductible.

A revolving line of credit based on the equity in the mortgagor's house. The property is the security for the loan, which is usable for any purpose.

A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation.

A loan that lets you borrow money against the equity in your home to get a line of credit. As with any mortgage, if you don't repay the amount, your home may be foreclosed to pay it. See also second mortgage.

A loan secured by the equity in a home and sought for a variety of purposes, including home improvements, major purchases or expenses or debt consolidation.

A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. Interest paid is usually tax -deductible. Often used for home improvement or freeing of equity for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans. The loan amount is based on the amount of equity a homeowner has in the property. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually 5 to 15 years.

A loan which uses the borrower's residence as collateral and allows a line of credit against which funds can be drawn, up to a pre-arranged amount.

A line of credit that can be drawn upon as needed (Tip - the total amount available becomes a lien on the property and can affect your borrowing power, as it is considered a debt).

A mortgage, usually in second position, which allows the borrower to obtain cash against his or her home's equity.

A loan secured by the equity in a home. Can be used for home improvements, debt consolidation, college tuition and other major purchases or expenses. Interest paid on the loan is generally tax deductible (consult a tax adviser first about interest deductibility).

Sometimes referred to as a second mortgage or borrowing against your home. The loan allows you to tap into your home's built-up equity, which is the difference between the amount your home could be sold for, and the amount that you still owe. Homeowners often use a home-equity loan for home improvements, to pay for a new car, or to finance their child's college education. A home-equity loan is a good way to borrow money for two main reasons: 1.) the interest rate is usually one of the lowest loan rates a borrower can get and 2.) the interest you pay on the loan is usually tax-deductible. But taking out a home-equity loan also means the lender can take possession of the home if the loan isn't repaid.

A loan (sometimes called a line of credit) under which a property owner uses his or her residence as collateral and can then draw funds up to a prearranged amount against the property.

A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. Interest paid is usually tax -deductible. Often used for home improvement or freeing of equity for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans. You take the full amount of loan at closing and do not draw the money as needed. Minimum loan amounts apply and vary.

A line of credit extended to a consumer based on the amount of equity available in their home. Similar to a mortgage except no payment is due unless the credit is used.

A loan guaranteed by the homeowner's equity (usually the estimated value of the home minus the amount still owed to a bank or other lender). Most home equity loans are second mortgages.

A loan in which the lender acquires an interest in one's home up to the amount of this loan, giving the borrower the funds he or she needs for a purchase opportunity, home maintenance, debt consolidation, or major expenses.

A line of credit, where you have a designated credit limit, but have flexibility with the repayments.

A mortgage loan that is used to borrow equity from your home, which is secured against the property in the form of a second mortgage or line of credit (HELOC).

A loan based on the difference of the amount of equity paid on a home, and the home's current market value.

A loan secured by the equity in your home. These are sought for a variety of purposes, including home improvements, major purchases or expenses, and debt consolidation. Interest paid is usually tax -deductible.

A second mortgage loan on a primary residence that may be used to make property improvements.

A loan that is secured by a home and limited by the market value of the home among other factors. Read more...

A loan that uses the equity in the home as collateral, meaning that you are using your home as a guarantee that you will repay the loan.

A loan secured by the equity value in a borrower's home. The funds are disbursed in a lump-sum at closing.

A loan that allows a homeowners to borrow against the equity in their property.

Similar to the HELOC above, a second position loan. This loan however is a fixed rate mortgage.

A loan that can replace or be added to the first mortgage. This type of loan is generally used when a home owner wants to make renovations to the property.

Consumer loan secured by the residence. This is a fixed rate loan with set monthly payments where the entire loan amount is given to the borrower at closing. A home equity loan is an excellent choice for homeowners with currentdefined needs.

A loan based on the difference between the current market value of a home and the amount of equity paid on a home, often referred to as a second mortgage.

Often referred to as a second mortgage, a home equity loan allows you to borrow against the equity accumulated in your home.

A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. The mortgage also provides collateral for an asset-backed security issued by the lender and sometimes tax deductible interest payments for the borrower. Also known as "equity loan" or "second mortgage". Also referred to as a "Home Equity Line of Credit (HELOC)."

A loan based on the equity that a borrower has in his or her home.

is when you borrow against the equity of your home. Home equity loans are usually taken in order to consolidate high interest debts, get cash for remodeling projects or other short term necessities.

A loan that allows a homeowner to borrow against home equity and pay back the funds in monthly installments; generally the homeowner must meet income qualifications and the lender can foreclose on the home if the borrower fails to make monthly payments.

A loan that allows owners to borrow against the equity in their homes.

A type of real estate credit in which the homeowner borrows against the value of his or her residence. A home equity lien could be a 1st lien if the home is paid for, a 2nd lien if there is already a 1st mortgage, or, more uncommonly, could be a 3rd lien if the borrower has a home mortgage and home improvement loan.

A mortgage on the borrowers home, usually for the purpose of making home improvements or debt consolidation. ./ .

A type of loan that allows homeowners to acquire a loan in addition to their original mortgage/lien using a portion or all of the equity in their home (primary residence). A home equity loan is a generally a second mortgage on the subject property and may be used for any personal needs (i.e., college education, debt consolidation, home improvement, etc).

A home equity account gives you a revolving line of credit secured by the value of your house. This allows you to use the funds for any other purpose such as the purchase of a second property, or shares or other investments. The interest rate is generally higher than a standard variable rate, and these accounts are not suitable for everyone.

A loan where you can borrow against the equity of your home. Your home equity can be collateral for loans such as car, college, bill consolidation, and home repair loans.

A loan taken out that is usually in the amount equal to or less than the amount of the home's worth minus the first mortgage amount still owed on the house. The lender then becomes temporary part owner of the home until the equity loan is paid off. Equity loans are tax deductible which is favorable and recommended over a regular loan taken out directly for some purchase such as a car or other type of major debt.

a loan that is guaranteed by your home. There are two types of home equity loans: the standard home equity loan and a home equity line of credit. In a standard home equity loan, a specified amount of money is loaned in a lump sum for a specified period of time. A standard home equity loan is also called a term loan, a closed-end loan or a second mortgage installment loan.

Technical jargon for a type of second mortgage that allows you to borrow against the equity in your house. If used wisely, a home equity loan can help people payoff high-interest, non-tax-deductible consumer debt or meet other short-term needs, such as payments on a remodeling project.

A fixed or adjustable rate loan amortized over a specified term, secured by the equity in your home. Interest paid may be tax – deductible, (consult your tax advisor). Often used for home improvements, investment in other real estate, debt consolidation, auto or boat loans, credit card debt, medical debt, and education loans.

A fixed or adjustable rate loan for a fixed duration with a single advance of funds. This loan is secured by the equity in your home. Interest paid is usually tax -deductible. Often used for home improvement, major purchase, or debt consolidation. Recommended by many to replace consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans.

A fixed- or variable-rate loan, collateralized by a mortgage lien, that allows the homeowner to borrow against equity in the home for funds to pay for repairs or other home improvements, refinance other debt or use for other purposes. Unlike a home equity line of credit, home equity loan term and payment amounts are fixed. [] Interest rate The cost of borrowing money or the rate of return earned on lending money, expressed as an annual rate. Interest rates can be calculated as simple, compounded or effective.

This is a loan against the portion of a home's appraised value on which you do not owe money – basically the value of a home, minus the current balance of any mortgage loan on the property. There are primarily two kinds of home equity loans. A Home Equity Line of Credit allows you to borrow money, pay it back, and borrow it again as with a credit card account. The interest rate can change during the loan. A Home Equity Installment Loan typically is for a pre-set length of time at a fixed interest rate. To beginning of page

A loan based on the borrower's equity in his or her home.

A loan that's based on the amount of equity (the amount paid) on a home.

home equity loan is a closed end loan typically secured by the borrowers primary residence. In contrast to the Home Equity Line Credit (in which the customer can continue to borrow from a revolving credit line), the borrower cannot re-access funds and receives a fixed lump sum with a fixed rate and term. View our Home Equity Loan options, today

Return To Glossary Index A fixed or adjustable rate loan used for a many purposes, also secured by the equity in the home. Interest paid is usually tax deductible. Often used for home improvement or freeing of equity for investment on other real estate or investments. Recommended for replacing or substituting consumer loans whose interest is not tax deductible, such as auto & boat loans, credit card debt, medical debt, and education loans.

Home Equity Loans allow you to unlock the equity in your existing property for other opportunities such as renovating your home, investing in shares or financing an investment property.

A fixed or adjustable rate loan obtained for a variety of purposes and secured by the equity in your home. Interest paid is usually tax-deductible. They are often used for home improvements or other real estate investments, and are recommended by many as a replacement or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans.

A home equity loan allows you to borrow money and use your home's equity as collateral.

a loan based on the value of your house not covered by a mortgage

A loan that uses the equity in one's home as collateral. In most cases, the interest paid on the loan is deductible.

A mortgage loan (usually not the primary mortgage) or line of credit which gives the property owner the option to obtain cash advances from the loan proceeds, using his or her residence as collateral, but which is not to exceed a pre-arranged amount of th

A loan in which you borrow against the equity of your home. The loan is secured by your home.

A loan that is secured by the equity built into a home. The amount available depends on the equity in the property and in most cases is tax deductible. The money is commonly used in debt consolidation, home improvement or any other great expense.

Loan allowing owners to borrow against their equity in the home, usually a second mortgage.

Describes any mortgage loan that is not used to finance the purchase of the home. Can be used to turn credit card debt, which is unsecured, into debt secured by the borrower's home. Depending on the terms of the borrower's contract, the borrower's home is in jeopardy if the borrower fails to make payments.

A loan secured by a subordinate mortgage on one's principal residence, generally to be used for some non-housing expenditure. A traditional home equity loan provides lump-sum proceeds at the time the loan is closed.

HEL Loan made to provide homeowners with access to excess built-up equity in their residence. Typically, secured by a junior lien mortgage where a superior lien mortgage exists.

A fully funded loan, obtained for a variety of purposes, secured by a second mortgage and based on the equity in your home. Interest paid is usually tax deductible.

A loan in real estate property that is used to secure or guarantee the amount borrowed. Sometimes referred to as a second mortgage or borrowing against your home. The loan allows you to tap into your home's built-up equity, which is the difference between the amount your home could be sold for, and any claims held against it. People often use a home equity loan for home improvements or to pay for a new car. A home equity loan is a good way to borrow money for two main reasons. First, the interest rate is usually one of the lowest loan rates a borrower can get. Also, the interest you pay on the loan is usually tax-deductible. But taking out a home equity loan also means the lender can take possession of the home if the loan isn't repaid. This is why some people decide to not borrow against their home, and may decide to take out a personal loan. But for many borrowers, a home equity loan can be the best loan option. Your best loan option is the loan that best meets your needs.

loan in which the owner of a property borrows against any remaining equity in the property.

A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. Interest paid is usually tax-deductible. Often used for home improvement or freeing of equity for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans. Home equity loans were recently made available in Texas due to changes the homestead laws as of January 1, 1999.

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations. A home equity loan creates a lien against the borrower's house.