HOME Equity Loan Information - A Consumer Guide To Home Equity

Home Equity Loans - More Information

Glossary.

Annual Percentage Rate (APR) - the cost of loan expressed as yearly interest rate. The APR includes the interest rate and all fees paid to obtain the loan such as points and closing costs.

Balloon Payment - a large, one-time payment that is due when a home equity loan expires to clear an outstanding balance.

Cash-out Refinancing - refinancing in which the amount borrowed exceeds the amount owed on the original first mortgage. The difference between the two is a home equity loan.

Closed-End Loan - see Home Equity Loan.

Closing Costs - costs paid by the borrower to finalize a loan. Closing costs includes costs for attorney fees, appraisal fees, credit report fees and mortgage preparation fees.

Equity - see Home Equity.

Fees - costs associated with closing a home equity loan. Fees consist of points and closing costs.

Home Equity - the difference between a home's value and the mortgage.

Home Equity Line of Credit - a type of home equity loan which offers revolving credit. Borrower pays interest on the amount borrowed. Usually features a variable interest rate.

Home Equity Loan - a loan that is guaranteed by your home. There are two types of home equity loans: the standard home equity loan and a home equity line of credit. In a standard home equity loan, a specified amount of money is loaned in a lump sum for a specified period of time. A standard home equity loan is also called a term loan, a closed-end loan or a second mortgage installment loan.

Loan-to-Value Ratio (LTV) - the ratio of the loan or borrowed amount to the value of the home. LTV is expressed as a percent.

Points - a one time fee paid to the lender to close a home equity loan. One point is one percent of the loan amount.

Second Mortgage Installment Loan - see Home Equity Loan.

Term Loan - see Home Equity Loan.





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