What does Home Equity Line Of Credit mean?
Definitions for Home Equity Line Of Credit
home eq·ui·ty line of cred·it
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Home Equity Line Of Credit.
Wikipedia
Home equity line of credit
A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage). Because a home often is a consumer's most valuable asset, many homeowners use their HELOC for major purchases or projects, such as home improvements, education, property investment or medical bills, and choose not to use them for day-to-day expenses.A reason for the popularity of HELOCs is their flexibility, both in terms of borrowing and repaying. Furthermore, their popularity may also stem from having a better image than a "second mortgage", a term which can more directly imply an undesirable level of debt. However, within the lending industry itself, HELOCs are categorized as a second mortgage. HELOCs are usually offered at attractive interest rates. This is because they are secured against a borrower’s home and thus seen as low-risk financial products. However, because the collateral of a HELOC is the home, failure to repay the loan or meet loan requirements may result in foreclosure. As a result, lenders generally require that the borrower maintain a certain level of equity in the home as a condition of providing a home equity line, usually a minimum of 15-20%.
Wikidata
Home equity line of credit
A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in his/her house. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. HELOC abuse is often cited as one cause of the subprime mortgage crisis.
Numerology
Chaldean Numerology
The numerical value of Home Equity Line Of Credit in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of Home Equity Line Of Credit in Pythagorean Numerology is: 6
Translations for Home Equity Line Of Credit
From our Multilingual Translation Dictionary
- خط الملكية المنزلية من الائتمانArabic
- Home equity KreditlinieGerman
- Línea de crédito de la equidad caseraSpanish
- خط عدالت خانه اعتبارPersian
- Marge de crédit hypothécaireFrench
- - הון עצמיHebrew
- ホーム・エクイティ・ライン・オブ・クレジットJapanese
- 주택 담보 대Korean
- Linha de crédito de home equityPortuguese
- Кредитная линия собственного капиталаRussian
- лінія домашньої справедливості кредитуUkrainian
- کریڈٹ کے ہوم اکوئٹی لائنUrdu
- 房屋净值信贷额度Chinese
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"Home Equity Line Of Credit." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/Home+Equity+Line+Of+Credit>.
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