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Home Equity Loan |
Also found in: Wikipedia | 0.01 sec. |
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Home equity loan. A home equity loan, sometimes called a second mortgage, is secured by the equity in your home. You receive the loan principal, minus fees for arranging the loan, in a lump sum. You then make monthly repayments over the term of the agreement, just as you do with your first, or primary, mortgage. The interest rates on home equity loans are generally lower than the rates on unsecured loans. However, when you borrow against your equity you run the risk of foreclosure if you default on the loan, even if you have continued to make the required payments on your first mortgage. Home Equity Loan Same as Second Mortgage. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | ||
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| announced the hiring of Steve Bredeson as the company's director of home equity lending. HOEPA was enacted in response to anecdotal evidence of predatory lending practices in the home equity lending market. It stands to reason then that fraud in home equity lending would look very much like fraud in mortgage lending. |
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