Your Location: Home - Home Equity Loan

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

Closed-End Loan — A loan in which money is borrowed in one lump sum for a specific period of time. 

Closing Costs — Fees paid at closing, such as, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. 

Co-Applicant — An individual who applies for credit with you. If the application is approved and the co-applicant signs the loan documents with you, then he/she will assume joint responsibility for repayment of the loan. 

Conditional Loan Decision — A preliminary decision to grant credit that is based on information stated by the borrower. Once the stated information can be formally verified, a final loan decision can be made. 

Condominium — Individual ownership of a unit and an individual interest in the common areas and facilities which serve the condominium development. 

Contract Rate — This is Household terminology. "Contract Rate" means the interest rate applied to the principal balance of the account to calculate periodic finance charges. Also called "Interest Rate" on this web-site.

Cooperative Housing — An apartment building or a group of dwellings owned by a corporation with the residents as stockholders in that corporation. In a cooperative, the corporation or association owns title to the real estate.  

Credit Disability Insurance (A&H) — An optional, credit-related insurance product that pays the monthly loan payments when illness or injury prevents the insured from working.  

Credit History — The record of how you've borrowed and repaid debts. 

Credit Insurance, or Credit Life Insurance or Life — An optional, credit related insurance product that pays off the outstanding loan balance up to the maximum amount of the policy when the insured dies.  

Credit Involuntary Unemployment Insurance (IUI) — An optional, credit related insurance product that makes monthly loan payments when a customer becomes involuntarily unemployed resulting from lockout, general strike (most states), unionized labor disputes, involuntary layoff or termination by employer.  

Creditor — A person or business from whom you borrow or to whom you owe money.  

Credit Bureau — The agency that keeps your credit history. 

Credit Report — A credit history report that determines an individual's creditworthiness .  

Creditworthiness — Eligibility of an individual to borrow money based on past and future ability to repay debts.

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

FIND OUT what's in your CREDIT REPORT TODAY - so it's 100% ACCURATE TOMORROW. Order a 3-BUREAU REPORT from CreditReporting.com

Learn proven methods of Repairing Your Credit . Click here

Overloaded financial burden? Considering Bankruptcy ? Do-it-Yourself Bankruptcy Kit. Click Here.

MORTGAGE :: AUTO LOAN :: PAYDAY LOAN :: BUSINESS LOAN :: STUDENT LOAN :: PERSONAL LOAN
BAD CREDIT LOAN :: HOME EQUITY LOAN :: DEBT CONSOLIDATION