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What is a lien holder?

A lien holder is the institution (usually a bank) that has the right to take and hold or sell the property of a debtor as security or payment for a debt borrowed from them.

Should I use a home equity loan instead of an auto loan?

Home equity loans are a great alternative to auto loans. You can get a lower interest rate with a home equity loan than you can with an auto loan. What makes it even better is that the interest you pay on a home loan may be tax deductible.

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.

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 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.