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Homeowner
A homeowner is defined as someone who is paying a mortgage
or owns their own property outright. [Back to top]
Home Equity Line of Credit
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. [Back to top]
Home Equity Loan
A fixed or adjustable rate loan obtained for a variety
of purposes, secured by the equity in your home. Interest
paid is usually tax-deductible. Often used for home improvement
or freeing of equity for investment in other real estate
or investment. Recommended by many to replace or substitute
for consumer loans whose interest is not tax-deductible,
such as auto or boat loans, credit card debt, medical debt
and education loans.
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Homeowner
Home Equity Line of Credit
Home Equity Loan
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