equity loan


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equity loan

A line of credit secured by the equity in the borrower's home.It is open ended,meaning the borrower may take advances, pay down the line to reestablish it, and then take advances against it as needed; usually renewed on an annual basis, with adjustable interest rates tied to the lender's prime rate.(Often called a HELOC—home equity line of credit.)

References in periodicals archive ?
Today the home equity loan market is dominated by depository institutions, especially commercial banks and to a lesser extent savings institutions (savings and loan associations and savings banks) (table 1).
The biggest 'pro' favoring a home equity loan is also the biggest 'con' associated with a refinance loan: Home equity loans have no closing costs, and that can mean a savings of hundreds - even thousands - of dollars compared to a cash-out refinance loan, which typically comes with all the same closing costs as a purchase mortgage.
A home equity loan, which is sometimes referred to as a second mortgage, is simply a one-time loan that is secured using the equity in the borrower's home as collateral (equity is the difference between the appraised value of the home and current principal balance of the mortgages on the property).
Common fees that are charged on a home equity loan include closing costs, points, appraisal fees, escrow fees, flood certification fees, and recording fees.
4 /PRNewswire/ -- The Texas Credit Union League (TCUL) today officially launched a campaign to amend the Texas Constitution and allow homeowners access to more flexible and affordable home equity loans.
Expanding access to home equity loans will open doors and improve the lives of our customers," said Dick Ensweiler, president of the Texas Credit Union League.
The home equity loans were originated by CoreStates and New Jersey National Bank, N.
This is another step in our efforts to provide homeowners with a low-interest home equity loan that has no hidden costs, no surprises later on down the road," said Craig Morrow, a residential loan representative who is based in Sanwa's regional offices in Santa Ana.
NEW YORK, April 20 /PRNewswire/ -- Fitch Investors Service affirms the `AA' rating on CFC Home Equity Loan Asset-Backed Certificates Series 1989-1, $166 million Class A certificates.
The issues are CFC Home Equity Loan Trust 1989-1, Class A, rated 'AAA'; US Home Equity Loan Trust 1990-2, Class A, rated 'AAA'; US Home Equity Loan Trust 1991-1, Class A, rated 'AAA'; US Home Equity Loan Trust 1991-2, Class A, rated 'AAA' and Class B, rated 'AA'; CFC-4B Grantor Trust, rated 'AAA'; CFC-7 Grantor Trust, rated 'AAA'; CFC-11A Grantor Trust, rated 'AAA'; and CFC-11B Grantor Trust, rated 'AAA'.
CFC Home Equity Loan Trust 1989-1 AAA Home Equity Loans
a NationsBank subsidiary, assumed certain obligations of CFI and certain affiliates as servicer of securitizations of financial assets arranged by Chrysler First and those affiliates, except for the US Business Equity Loan Trust 1992-1.