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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

Tax Deductibility — The ability to deduct the amount of interest paid towards a Mortgage or Home Equity loan from the borrower's Federally taxable income.  

Term — The amount of time between your loan start date and the date your entire balance is due.  

Title — A document that provides legal evidence of property ownership.  

Title Insurance — A policy issued by a Title Insurance company. It insures a homebuyer or person making a mortgage against loss or damage resulting from title defects or liens existing against the property at the time of issuance.  

Title Search — An examination of official real estate records to determine if any defects or liens exist that affect the condition of title on a piece of property. 

Underwriting— The process of reviewing a loan application to determine whether to make a loan based on credit, employment, assets, and other factors.  

unsecured Loan — A loan that does not require the user to put up collateral such as a home or auto.  

Variable Interest Rate – A loan in which the interest rate is adjusted periodically based on an index. It is also called an adjustable rate loan. We do not offer variable interest rate loans.  

Verification of Employment — The process of obtaining information from the applicant's employer verifying his/her position and salary. 

Verification of Mortgage — The process of obtaining information from the applicant's mortgagee(s) verifying the applicant's payment history, terms, rates, and balance.

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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