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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

Market Value — The highest price that a buyer would pay and the lowest price a seller would accept on a property. 

Minimum Draw — The minimum amount of the initial advance and subsequent advances that can be borrowed on a revolving account. 

Minimum Monthly Payment — The smallest amount of money the creditor requires an individual to pay each month. 

Monthly Periodic Rate — The Annual Percentage Rate (APR) divided by 12 months. 

Mortgage — A legal document in which property serves as security for the repayment of a loan.  

Mortgage Loan Agreement — A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which it shall be paid. The loan agreement states the amount of the debt that the mortgage secures and renders the mortgagors personally responsible for repayment. 

Net Income — Total monthly income after all deductions.  

Notary — A public officer who attests or certifies deeds and other writings such as loan documents, usually under his official seal, to make them authentic.

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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