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Encyclopedia > Equity loan

An equity loan is a mortgage placed on real estate in exchange for cash to the borrower. For example, if a person owns a home worth $100,000, but does not currently have a lien on it, they may take an equity loan at 80% loan to value (LTV) or $80,000 in cash in exchange for a lien on title placed by the lender of the equity loan. A mortgage is a method of using property as security for the payment of a debt. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Cash usually refers to money in the form of currency, such as bills or coins. ... In law, lien is the broadest term for any sort of charge or encumbrance against an item of property that secures the payment of a debt or performance of some other obligation. ...


Many lending institutions require the borrower to repay only an interest component of the loan each month (calculated daily, and compounded to the loan once each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of interest calculated from that day onwards. Some loan products also allow the possibility to redraw cash up to the original LTV, potentially perpetuating the life of the loan beyond the original loan term. Cash usually refers to money in the form of currency, such as bills or coins. ...


The rate of interest applied to equity loans is much lower than that applied to unsecured loans, such as credit card debt.


External links

  • Home equity loan and equity line of credit - Understanding the difference between a home equity loan and an equity line of credit.
  • Home Equity Line Of Credit
  • Home Equity Loans Categories
  • Home equity loan pitfalls - by AdjustCredit

  Results from FactBites:
 
Equity loan: Equity Loan - a general review (493 words)
Online home loans is granted to a homeowner who desires to offer the equity in his or her property as security for a subsequent mortgage or rotating line of credit.
A homeowner may obtain a home equity line loan in no time and with no trouble and there`s no need to have perfect credit to be approved.
Traditional bridge loans are appropriately named, since they`re intended to help individuals to span the monetary gap between one home and another.
Equity loan - Wikipedia, the free encyclopedia (235 words)
An equity loan is a mortgage placed on real estate in exchange for cash to the borrower.
The rate of interest applied to equity loans is much lower than that applied to unsecured loans, such as credit card debt.
Home equity loan and equity line of credit - Understanding the difference between a home equity loan and an equity line of credit.
  More results at FactBites »

 
 

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