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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

Origination Fee — See Points .  

Prepayment Penalty — A charge imposed on a borrower who pays off the loan principal early. This charge compensates the lender for lost interest revenue as well as loan origination and servicing expenses incurred.  

Recording Tax — A fee paid to the county government to file the Mortgage in public records.  

Refinancing — The process of paying off an existing loan with the proceeds from a new loan. 

Revolving Line of Credit — A loan which allows additional funds to be borrowed as debt is paid down so long as the outstanding balance does not exceed a certain limit. 

Second Mortgage — See Home Equity Loan.

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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