mortgage program of revolving credit that allows the customer to borrow at their discretion, repeatedly and at the time of their choosing.
This multi-purpose loan option allows homeowners the opportunity to borrow at very competitive rates (no minimum rate) and gain valuable tax benefits (interest may be tax deductible; check with tax consultant for details). Advances can be made by writing a convenience check, accessing through the internet, going to a retail branch, or calling the contact center/retail branch for an advance. Members can make advances for up to 10 years and can take up to 15 years to repay. The variable interest rate is adjusted monthly throughout the life of the loan. HE lines of credit are not available to Texas residents. Credit approval required.
A line of credit secured by the equity in a borrower's residence. It can be used for home improvements, debt consolidation and other major purchases or expenses. Interest on these loans may be tax deductible. At closing, a credit limit is established. In most cases, the borrower can access the line of credit by a variety of access devices, such as convenience checks, debit cards and credit cards.
Home Equity Lines Of Credit (HELOC) - A Home Equity Line of Credit is a secured line of credit or type of checking account that is tied to the equity in your home. It works much like a credit card in the respect that if you pay down the amount owed, you free-up the amount you can borrow on the credit line. You only incur interest costs on the money you take out of the account which is usually determined by the current prime rate. Most HELOC's start at a short-term "teaser rate" with a low APR. Once the "teaser period" has expired the APR will be indexed and accompanied by a margin of 0.0% or higher. There are very few restrictions, if any, that limit the amount it can adjust and how often. The life cap, however, is usually set between 16-18%. Say, for example, the prime index was at 6.5% with a margin of .5%. Your rate would be 7% for that given time.
The flexible line of credit can be drawn from when you need it, for any purpose. The interest rate is variable and adjusts based on the movement of an index. You only pay interest on the amount you have drawn on your line of credit.
An open line of credit that can be used to draw equity of a property.
A line of credit that is secured against the house.
A line of credit secured by the equity in a home. Can be used for home improvements, debt consolidation and other major purchases and expenses. Interest paid on the loan is generally tax deductible (consult a tax adviser to be sure). Upon approval, a credit line limit is established. In most cases, the borrower can tap into the credit line by writing line of credit checks or getting a cash advance.
a loan that enables you to borrow funds at any time and in the amount you choose, up to a maximum credit limit for which you are qualified. Repayment is secured by the equity in your home.
A real estate loan that provides a revolving line of credit based on the equity available in your home.
Similar to a home equity loan, but you receive a line of credit that you can draw upon at any time.
Revolving line of credit secured by the equity in your home. Amounts repaid can be reborrowed.
A credit agreement, secured by the home, in which the borrower can borrow up to a fixed credit limit. Interest is calculated on a daily basis, and payments go up and down each month based on draws and repayments against the line of credit. This is often referred to as a "HELOC" (pronounced hee-lock).
or HELOC - is a real estate loan, usually in a subordinate position, usually in a subordinate position, that allows a borrower to withdraw equity in real estate owned with specific limitations.
A revolving credit, collateralized by a mortgage, that allows a homeowner to borrow on the equity of a home.
A mortgage that allows homeowners to use the equity in their home as collateral. Instead of receiving funds in a single lump sum, borrowers can draw funds as needed up to the pre-arranged amount.
A line of credit that is secured by a property allowing the mortgagor to access their property's equity.
A revolving line of credit loan based on the equity in the subject property. The HELOC is typically in a subordinated lien position and permits borrowers to obtain cash advances on the approved line of credit.
A line of credit that a borrower can draw from, which based on the price of a mortgage.
An open-ended loan with specific limitations that allows a borrower to borrow against the equity in a property.
A loan providing the ability to borrow funds at the time and in the amount chosen by the customer, up to a maximum qualified credit limit. Repayment is secured by the equity in the customer's home. Simple interest is usually tax-deductible.
A loan that is secured by the owners property which can be repaid and borrowed again at the owners convenience.
A credit line secured by a second deed of trust on a house. An equity line of credit is a revolving account that works like a credit card, which can be paid down or charged up for the term of the loan. The minimum payment due each month is the interest only.
A line of credit based on the equity in the borrower’s home, and uses the property as collateral
Also referred to as a revolving line of credit; usually a second mortgage, which allows the borrower to obtain multiple advances up to a specific credit limit.
A home equity line of credit is a credit line that you may draw on as needed. It is repaid in accordance to your loan agreement. An equity line of credit has a high credit limit similar to a credit card that you are allowed to draw upon as needed. The difference is that a home equity line of credit is secured by your home and therefore carries a lower interest rate than most credit cards. The interest is generally also tax deductible.
A line of credit giving you the ability to borrow funds at any time, and in the amount you choose, up to your maximum credit limit. The loan is secured by the equity in your home. Interest is normally tax deductible (consult your tax advisor), and can be used for home improvements, major purchases, and/or debt consolidation.
A line of credit secured by the equity in a home. Can be used for home improvements, debt consolidation, and other major purchases and expenses. Interest paid on the loan is generally tax deductible (consult a tax adviser about interest deductibility). Upon approval, a credit line limit is established. In most cases, the borrower can access the credit line by writing line of credit checks or an advance through of another access device.
A revolving line of credit with a home used as collateral. It is usually a second mortgage, but can be a first in some cases. Credit Union bases the equity in a member's property by taking up to 90% of the appraised value less any first mortgage and the difference being the equity a member can borrow.
comparable to a Home Equity Loan, but the payment is based on the amount of the loan that has been utilized. Similar to a credit card in that it is a revolving type of credit. You don't pay for what you don't use.
A personal line of credit secured against the borrower's property. Generally, up to 75% of the purchase price or appraised value of the property is allowed to be borrowed with this product.
The maximum amount of a fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. It is the ability to borrow funds at the time and in the amount, up to a maximum credit limit for which they have qualified. Repayment is secured by the equity in borrowers home. Often used for home improvements, major purchases or expenses, and debt consolidation.
A home-equity line of credit is a form of revolving credit. This means you can borrow an amount up to but not exceeding a pre-approved credit limit. A home-equity line of credit is secured by the residual equity in your home. To calculate equity, subtract mortgage debt from your home value. Home equity lines allow a homeowner to make repairs or other home improvements, refinance other debt, or use for general purposes. Unlike a home-equity loan, payments are flexible and may consist of interest-only payments.
A line of credit which is based on the lendable equity the borrower has in the home.
A home equity line of credit allows a homeowner to borrow against home equity as needed. The line of credit is revolving; money can be borrowed over an extended period of time.
A HELOC is a revolving line of credit with a variable interest rate, based on the available equity in a mortgagor's home and other qualifying criteria. It is usually in a subordinate position, and allows a customer to advance and repay up to a certain amount by writing a check. Payments during the draw period are usually interest only, with amortized payments required after a certain time, typically ten years.
A home equity line of credit is a form of revolving credit in which your home serves as collateral.
A type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in the property.
A revolving line of credit secured by the equity in the home. Unlike a Home Equity Loan, these funds may be drawn and repaid like a credit card.
a credit line that is secured by a second deed of trust on a house. Equity lines of credit are revolving accounts that work like a credit card, which can be paid down or charged up for the term of the loan. The minimum payment due each month is interest only.
A line of credit secured by the equity in a home. Upon approval, the borrower can usually tap the credit line by writing line of credit checks or getting an advance. These loans can be used for home improvements, debt consolidation and other major purchases and expenses. Interest paid on the loan may be tax deductible (please consult a tax advisor). See home equity loan.
A means of borrowing for homeowners who borrow against the home equity of their residence in order to make home improvements, consolidate debts, or make other significant expenses and purchases. The homeowner can access these funds with a credit card or checkbook.
A type of mortgage loan that allows the borrower to draw cash against the equity in his home.
A loan for which you can either receive a large sum of money or have an open line of credit that can be drawn as it is needed, with, typically, low interest rates.
A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation. The HELOC allows a homeowner to write checks or otherwise draw money against the equity in the home on an ongoing basis. Usually, it is a revolving line of credit with a variable rate of interest, a set draw period and a repayment period after that. Best used for a series of expenses rather than one specific need.
Loan that allows you to borrow money against the value of your house
A mortgage, usually in second position, which allows the borrower to obtain cash against his or her home's equity.
This line of credit allows you to borrow against the value of your home. With a traditional second mortgage loan, the borrower receives the money in lump sum and repays it in regular installments over the length of the loan. The revolving line of credit allows you to write yourself small loans by cheque and sometimes credit card. You pay interest on the amount you choose to use.
A home equity line of credit is an open-ended loan, paid as revolving debt, that is backed by the portion of the home's value that the borrower owns outright. Interest paid on a home equity line of credit is usually deductible.
A loan, usually made as a second mortgage, that allows a property owner to borrow cash, secured by the equity in his or her property.
A mortgage loan to obtain cash drawn against the equity of your home, up to a predetermined amount. The loan is secondary to your first mortgage.
A mortgage loan that allows the borrower to obtain cash drawn against the equity of his or her home, up to a predetermined amount and at a predetermined rate of interest.
A Home Equity Line of Credit or a HELOC is a secure line of credit using the available equity in the property as collateral. The loan is for a certain pre-approved amount and can be drawn on as needed.
A special kind of loan (also known as a "revolving loan") which is secured against a property and allows the owner to borrow and repay money at her leisure. Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for her use.
Generally a set second mortgage loan that allows the borrower to obtain cash drawn against the equity of the home.
A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) are usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation. You can normally draw on this line for a period of up to 5, 10 or 15 years depending on the terms of the loan.
Refers to a secondary form of financing that consists of a revolving line of credit secured again a property that is subordinated to the existing first mortgage. They usually have a variable interest rate.
A loan secured by your property which is usually in second position to your first mortgage. A HELOC is usually used for large purchases such as a remodel or college tuition.
A type of revolving credit in which your home is used as collateral.
A revolving line of credit based on the equity in the mortgagor's house. The property is the security for the loan, which is usable for any purpose.
A type of home loan that allows you to borrow money as you need it. Read more...
A real estate loan that allows a borrower to withdraw equity from time to time up to a specified amount called a preapproved credit limit.
A loan secured by the equity value in a borrower's home, usually as a second mortgage. The funds are drawn as needed by using a special set of checks.
a credit line that is secured by a first or second mortgage on real property. Equity lines of credit are revolving accounts that work like a credit card, which can be paid down or charged up for the term of the loan.
An open-ended loan, paid as revolving debt, that is backed by the equity in a property.
A revolving line of credit secured by the equity value in a borrower's residence. A home equity line enables the home-owner to tap into the accumulated equity in their home. This is a reusable line of credit, since the principal balance becomes available as soon as it is paid back during the draw period. The line may be accessed by checks or other channels (at a Citibank Financial Center or ATM, online, etc.). Some uses for a home equity line of credit include: Remodeling the home, higher education, travel, automotive purchase or other life needs.
A revolving line of credit that is usually secured by a second deed of trust and lasts for the term of the loan. This operates like a credit card in which you can pay down or charge up.
A loan against the amount of equity you have in a property. The equity serves as security for the new loan.
A loan, based on the borrower’s available equity in the home, that allows the borrower to withdraw and repay available loan proceeds on an ongoing basis.
A form of open end credit in which the home serves as collateral.
A mortgage loan in second position that allows a borrower to obtain cash drawn against home equity, up to a certain amount.
a type of home equity loan which offers revolving credit. Borrower pays interest on the amount borrowed. Usually features a variable interest rate.
A credit line offered to a home owner by a mortgage lender that borrows against the equity in the home owner's house. This type of loan requires you to use your home as collateral for the loan. It may offer certain tax incentives. Identity Theft - When your personal information such as your name, Social Security number, credit card number and other identifying information are used without your permission to commit fraud or other crimes.
An open-end loan, usually recorded as a second mortgage, that permits borrower to obtain cash advances based on an approved line of credit.
A loan providing you with the ability to draw funds on a revolving basis, up to a maximum credit limit for which you have qualified. Credit is secured by the equity in your home. Interest paid may be tax-deductible, (Consult your tax advisor). Often used for home improvements, major purchases or expenses, and debt consolidation.
A loan giving you the ability to borrow funds at any time, and in the amount you choose, up to your maximum credit limit. The loan is secured by the equity in your home. Simple interest (interest-only payments on outstanding balance) is normally tax deductible. It's usually used for home improvements, major purchases, and/or debt consolidation.
A mortgage loan that is secured by the equity in your house. It allows you to draw funds on a revolving basis up to a maximum credit limit for which you have qualified.
A line of credit, secured by a property, that allows owners to tap into their home's equity. You can get a line of credit equal to your home's equity that works like your checking account or credit card. Equity is the difference between the value of your home and the amount you owe on your mortgage. It's flexible, so, if your equity is $20,000, you can withdraw at will up to this amount simply by writing a check. Note that you'll have restrictions on how much you can withdraw at one time. You only pay interest on what you borrow and your credit limit is restored as you pay back what you owe. A home equity line of credit typically stays open for 10 years. Once it closes, you normally have 10 to 15 years to pay back what you owe. The added bonus is that the interest you pay can be deducted from your taxes. But this isn't free money, if you can't repay the credit line you could risk losing your home.
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
A mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property.
Ongoing credit extended by a lender using the equity of the borrower's property as collateral. The minimum payment due each month is an interest-only payment.
An open-ended line of credit based on a homeowner's accumulated equity. Most loan amounts are limited to 75 to 85 percent of home's appraised value; withdrawals can be made at any time within the credit line's guidelines.
A credit line that is secured by a second deed of trust on a house. Equity lines of credit are revolving accounts that work like a credit card, which can be paid down or charged up for a pre-determined term, usually 5 years, with interest payments only. After this term, the loan becomes a fixed second and no more equity can be taken.
A mortgage loan (usually not the primary mortgage) or line of credit which gives the property owner the option to obtain cash advances from the loan proceeds, using his or her residence as collateral, but which is not to exceed a pre-arranged amount of th
Open-ended line of credit based on a homeowner's equity. Most loan amounts are limited to 75 or 80 per cent of the appraised value. Withdrawals can be made at any time with the guidelines.
A loan secured by real property, usually in a subordinate position, that allows the borrower to receive the loan proceeds in the form of multiple advances up to a limit that represents a maximum percentage of the borrower's equity in a property.
Secondary financing that consists of a revolving line of credit secured by a lien junior to a mortgage.
A real estate loan, usually in a subordinate position, that allows a borrower to borrow against equity in real estate owned (usually a primary residence or second/vacation home) with specific limitations. This is an open-end loan that permits the borrower to repay and re-borrow the funds available.
A credit line that is secured by using your home as collateral. Equity lines of credit are revolving accounts that work like a credit card, which can be paid down or charged up for the term of the loan. The minimum payment due each month is interest only.
A revolving line of credit against the equity in oneâ€(tm)s home allowing the homeowner to borrow as needed, up to a predetermined maximum amount.
A mortgage where a homeowner takes their equity back out of their mortgage in the form of cash.