About home equity line of credit - home_equity_line_of_credit
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"Home" is also used to refer to the geographical area (whether it be a suburb, town, city or country) in which a person grew up or feels they belong, or it can refer to the native habitat of a wild animal.
"Home" may also refer to a home directory which contains the personal files of a given user of the computer system.
"Nonrecourse debt or a nonrecourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable.
A HELOC may have a minimum monthly payment requirement (often "interest only"); however, the debtor may make a repayment of any amount so long as it is greater than the minimum payment (but less than the total outstanding).
A home is generally a place that is close to the heart of the owner, and can become a prized possession.
Animals have their own homes as well, either living in the wild or shared with humans in a domesticated environment.
Another reason for the popularity of HELOCs is their flexibility, both in terms of borrowing and repaying on a schedule determined by the borrower.
As a result, lenders generally require that the borrower maintain a certain level of equity in the home as a condition of providing a home equity line.
Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses.
Furthermore, HELOC loans' popularity growth may also stem from their having a better image than a "second mortgage," a term which can more directly imply an undesirable level of debt.
Homeowners shopping for a HELOC must be aware that not all lenders calculate the margin the same way.
In a full screen editor, home is often used to mean the top-leftmost character cell, or the leftmost cell on a line in a line editor.
Many home pages on the with introductory information, recent news or events, and links to subpages.
On January 27, 2010 a federal judge refused to dismiss a class action lawsuit against Chase for freezing HELOC loans.
Popular sayings along these lines are "Home is where the heart is" or "You can never go home again".
Sometimes, as an alternative to the definition of "home" as a physical locale ("Home is where you hang your hat"), home may be perceived to have no physical location, instead, home may relate instead to a mental or emotional state of refuge or comfort.
The full principal amount is due at the end of the draw period, either as a lump-sum balloon payment or according to a loan amortization schedule.
The margin is the difference between the prime rate and the interest rate the borrower will actually pay.
These types of reflections also occur in places where there is a collective historical identity, such as Gettysburg or Ground Zero.
This distinction becomes important in foreclosure since the borrower may remain personally liable for a recourse debt on a foreclosed property.
Usually the sense of home attenuates as one moves away from that point, but it does not do so in a fixed or regular way.
"Lines", abbreviation for "Lines Composed a Few Miles above Tintern Abbey, on Revisiting the Banks of the Wye during a Tour.
" Furthermore, places like homes can trigger self-reflection, thoughts about who someone is or used to be or who they might become.
A "straight line" is used to set up a joke, while the punch line completes it
A HELOC differs from a conventional home equity loan in that the borrower is not advanced the entire sum up front, but uses a line of credit to borrow sums that total no more than the credit limit, similar to a credit card.
A home equity line of credit (often called HELOC and pronounced HELL-ock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house (akin to a second mortgage).
A length of rope, cable, or chain when put to use (such as a clothesline, anchor line)
A one-, two- or three-line whip, a notice issued by a Chief Whip in the UK parliament
Another important difference from a conventional loan is that the interest rate on a HELOC is variable.
Because the underlying collateral of a home equity line of credit is the home, failure to repay the loan or meet loan requirements may result in foreclosure.
Credibility (or "cred", for short), refers to the objective and subjective components of the believability of a source or message
Credit card debt (cash advance) · Overdraft · Payday loan · Personal loan / Signature loan · Moneylender
Debt consolidation · Credit counseling / Debt management plan / Debt settlement · Personal bankruptcy · Foreclosure / Repossession · Debt Support Trust
Employment equity (Canada), policy requiring or encouraging preferential treatment in employment practices for certain designated groups
Equity (finance), the value of an ownership interest in property, including shareholders' equity in a business
Equity Office Properties Trust, one of the largest owners and managers of office buildings in the United States
Equity in income of affiliates, an accounting term referring to the consolidated or unconsolidated ownership in affiliate companies
Equity theory, on the relations and perceptions of fairness in distributions of resources within social and professional situations.
Forum Party of Alberta, a defunct political party from Alberta, Canada also known as the Equity Party.
Game credits, a count of the current number of games that can be played in pinball and arcade games
HELOC loans became very popular in the United States in the early 2000s, in part because interest paid was (and is) typically (depending on specific circumstances) deductible under federal and many state income tax laws.
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In 2008 major home equity lenders including Bank of America, Countrywide Financial, Citigroup, JP Morgan Chase, National City Mortgage, Washington Mutual and Wells Fargo began informing borrowers that their home equity lines of credit had been frozen, reduced, suspended, rescinded or restricted in some other manner.
In computer terminology, a 'home' may refer to a starting view that branches off into other tasks, e.
Intergenerational equity, equality and fairness in relationships between people in different generations (including those yet to be born).
It has been argued that psychologically "The strongest sense of home commonly coincides geographically with a dwelling.
Mortgage loan / Home equity loan / Home equity line of credit · car title loan / logbook loan · tax refund anticipation loan · pawnbroker
Since it can be said that humans are generally creatures of habit, the state of a person's home has been known to physiologically influence their behavior, emotions, and overall mental health.
Some people may become homesick when they leave their home over an extended period of time.
The International Load Line or Plimsoll line (Waterline), indicates the maximum safe draft for the vessel
The examples and perspective in this article deal primarily with North America and do not represent a worldwide view of the subject.
The word "home" can be used for various types of residential community institutions in which people can live, such as nursing, retirement homes for seniors, prisons for criminals, treatment facilities, foster homes, etc.
Traditional mortgages in the United States are usually non recourse loans, while mortgages in countries such as Canada are generally recourse loans.
 When it refers to a building, it is usually a place in which an individual or a family can live and store personal property.
 Falling housing prices have led to borrowers possessing reduced equity, which is perceived as an increased risk of foreclosure in the eyes of lenders.
 Courts have held that a bank may freeze a HELOC in instances where a home's value decreases substantially, which is deemed by courts as a 50% reduction in value.
 The loss of a home (due to whatever reason, be it through accident or natural disaster, repossession, or in the case of children simply the decision to move on the part of the parents) can be a valid cause of relocation.
 This effectively reduced the cost of borrowing funds and offered an attractive tax incentive over traditional methods of borrowing (such as credit card debt).
^ "WaMu reduces home equity credit to homeowners" Wichita Business Journal - from the Puget Sound Business Journal, May 16, 2008