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What is a home equity line of credit?

A home equity line of credit is a form of revolving credit in which your home is used as collateral.

What is the difference between revolving loans and installment loans?

A revolving loan is one that is automatically renewed upon maturity. An installment loan is one that you pay at a certain specified rate. Example: Monthly, weekly, bi-weekly, annually.

What is the difference between a home equity loan and a home equity line of credit?

While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against where your home is used as collateral.

What is home equity?

Home equity is the difference between the market value of your home and the amount you have paid towards that value.

What does APR stand for and what does it mean?

APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.