Terms with Tag Home Loan

  • Alternative Mortgage Definition, Important,
    • A home loan that is not a standard fixed-rate mortgage.
  • Annual Mortgage Statement Definition, Important,
    • A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
  • Cash Out (CO)Acronym,
      More commonly referred to as "home equity loan" or "refinance."
    • Cash Out Mortgage (COM) Acronym, Very Important,
      • The taking out of a new mortgage on the same property in which the amount borrowed is greater than the amount of the previous mortgage. The difference is taken out in cash.
      More commonly referred to as "home equity loan" or "refinance."
    • Equity Line of Credit (ELOC)Acronym,
      • Home Equity (HE) Acronym, Very Important,
        • The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
      • Home Equity Line of Credit (HELOC) Acronym, Very Important,
        • An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
        Also known as a Home Line of Credit.
      • Home Equity Loan (HEL) Acronym, Very Important,
        • A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
        Also known as an Equity Take Out (ETO).
      • Mortgage Lender (ML) Acronym, Very Important,
        • A lender that offers mortgages, often through a mortgage broker.
        Used internally by mortgage brokers and mortgage lenders.
      • Secured Line of Credit (SLC)Acronym,
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