Mortgage Glossary

Home Equity -

A Home Equity Loan is a loan that guarantees the amount of your requested loan against existing equity in your home. Use our resources and tools to educate yourself and find companies that offer this type of loan.

Line of Credit -

Is an agreement between you, the account holder, and a financial institution that "extends" additional funds into your account in order for you to make withdrawals or write checks against the agreed-upon credit limit. It can also be referred to as a credit line.

Personal Loan -

An unsecured loan, which means a borrower does not put up any collateral or security to guarantee the repayment of the loan. Personal loans carry a slightly higher rate of interest for this reason. If a borrower owns a home, a lower-interest-rate alternative is a home-equity loan. But this option requires that the borrower put up his or her home or other real estate property as collateral.

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