Equity Credit 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

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Qualifying ratios: The ratio of your fixed monthly expenses to your gross monthly income, used to determine how much you can afford to borrow. The fixed monthly expenses would include PITI along with other obligations such as student loans, car loans, or credit card payments.

You can either type in the word you are looking for in the box below or browse by letter

Search