Mortgage Lending Glossary of Terms

Mortgage Lending Glossary of Terms

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Home Equity Loan Information

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Home Equity Loan Information

     A single non-revolving loan that allows a borrower to tap into the equity in their home to provide cash for other purposes (including bill and debt consolidation, making home improvements, college expenses, etc.). Home equity is the difference between the home’s present market value and the balance of any outstanding mortgages or liens. Generally this occurs as a borrower either pays down principal on their first mortgage or as the value of the home rises while the mortgage balance remains constant. A home equity loan generally takes the form of a second mortgage; however, in the case of a home with a clear title an equity loan would take the form of a first mortgage. A mortgage refinance can also take the form of a home equity loan as it may allow the consumer to take equity out of their home (commonly called ‘cash out’).

Do not make assumptions. If you are unsure about anything...
ASK YOUR MORTGAGE COMPANY QUESTIONS!

1. Inquire about all fees and costs associated with this loan, including the home equity loan interest rate and APR (annual percentage rate). 

As with any residential home loan....

2. Do not assume that the interest of this loan will be tax deductible. Consult a qualified tax advisor for potential tax benefits.
3. Be sure to ask if there is a pre-payment penalty (prohibited by law in some states) for paying off the loan too early or making substantially large payments against the principal.

 

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