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Home-Equity Loan |
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Home-Equity Loan A loan in which the one borrows against the value of one's home. That is, the collateral of a home-equity loan is one's house. The amount in these loans is generally the difference between the homeowner's equity in the house and the market value of the house. The homeowner receives the amount of the loan in a lump sum, and may use it to finance other purchases or ventures. If a home-equity loan is not paid off, the lender may take possession of and sell the house in order to pay for the loan; this can occur even if the homeowner continues to make payments on his/her mortgage. These loans generally have variable interest rates, which are nonetheless still lower than most other lines of credit. Home-equity loans are sometimes called second mortgages or equity loans. See also: Reverse 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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| Hugh Miller, President and Chief Executive Officer of Delta Financial, commented, "We are of course pleased that continued growth in our home-equity loan production, across all geographic regions and all three production channels -- broker, retail and correspondent -- has enabled Delta to complete the Company's largest securitization to date. Meanwhile, pre-payments on UCFC's home-equity loans continued to remain relatively stable, in contrast to the fluctuating pre-payment rates in the conventional mortgage market. |
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