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,
