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Home Equity Loan Center

A home equity loan is a loan that uses your home as collateral. Your home equity is the part of your home that you actually own and this is the guarantee for your loan.

Home Equity Loan Glossary

A B C D E F G H I J K L M N O P R S T U V

Adjustable Rate Mortgage (ARM) — A loan in which the interest rate is adjusted periodically based on an index. It is also called a variable interest rate. We do not offer variable interest rate loans.  

Affiliates — Two or more companies that are related to each other by common ownership or corporate control.  

Amortization — Liquidation of debt by regular, usually monthly, payments. 

Annual Fee — A yearly fee that is charged to borrowers with a revolving line of credit.  

Annual Percentage Rate (APR) — The cost of your credit as a yearly rate. APR is generally not the same as the contract interest rate.

Appraisal — The estimated value of property.  

Available Credit — Your credit limit. For example, if you were approved for a revolving line of credit of $25,000 and you wrote a check for $10,000, the balance— $15,000—is your available credit.  

Bankruptcy — A legal proceeding in which a debtor's ability to repay creditors is determined. Specifically, the debtor's assets and liabilities are evaluated in accordance with preference and allocation rules in order to use available assets to pay eligible liabilities. 

Borrower — The individual whom obtains or receives a loan with the promise or understanding of repaying it.   

Broker — A person who arranges funding or negotiates contracts for a fee. 

A B C D E F G H I J K L M N O P R S T U V

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