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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

Gross Monthly Income— Total monthly income before any deductions, such as taxes.  

Home Equity — The difference between what your property is worth and how much you currently owe on your mortgage.  

Home Equity Loan — A loan that lets you access your home's equity. It is also referred to as a second mortgage or borrowing against your home.

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

Joint Account — Credit extended to two or more people (who may or may not be spouses) who will sign on the Loan Agreement and, therefore, be jointly responsible for the debt.  

Late Payment— A payment not received by the due date. Additional charges may be imposed if payments are late.  

Lien— A claim upon a piece of property, for the payment or satisfaction of a debt or obligation.

Loan Term— The repayment period of a loan. 

Loan-To-Value Ratio— The relationship between the amount of all the mortgage loans on a property, and the appraised value of the property expressed as a percentage. 

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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