HELOC
Equity Line Costs
pes of Equity Loans
Home Equity Line Glossary
 
Did you know...
A HELOC (Home Equity Line of Credit) gives you more flexibility than a fixed-rate home equity loan. It also is possible to remain in debt with a home equity loan, paying only interest and not paying down principal.

A line of credit has a variable interest rate that fluctuates over the life of the loan. Payments vary depending on the interest rate, the amount owed, and whether the credit line is in the draw period or the repayment period.


Home Equity Line of Credit Costs
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Margin
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.

Mortgage
A legal document that pledges a property to the lender as security for payment of a debt.

Mortgage insurance (MI)
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01 percent or higher.

Mortgagee
The person or company who receives the mortgage as a pledge for repayment of the loan. The mortgage lender.

Mortgagor
The mortgage borrower who gives the mortgage as a pledge to repay.

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