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Simple English definitions for legal terms

home-equity line of credit

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A quick definition of home-equity line of credit:

A home-equity line of credit is a type of loan that a bank gives to a homeowner. The bank uses the homeowner's equity in their home as collateral for the loan. This means that if the homeowner doesn't pay back the loan, the bank can take their home. It's important to be careful when taking out this type of loan and make sure you can afford to pay it back.

A more thorough explanation:

A home-equity line of credit is a type of loan that allows homeowners to borrow money using their home as collateral. The amount that can be borrowed is based on the equity in the home, which is the difference between the home's value and the amount still owed on the mortgage.

For example, if a homeowner's house is worth $300,000 and they still owe $200,000 on their mortgage, they have $100,000 in equity. They may be able to borrow up to a certain percentage of that equity, such as 80%, which would be $80,000.

The borrower can access the funds as needed, up to the approved limit, and only pay interest on the amount borrowed. The loan is typically repaid over a set period of time, such as 10 years.

One example of using a home-equity line of credit is to make home improvements or renovations. The homeowner can borrow the money needed for the project and pay it back over time. Another example is to use the funds for unexpected expenses, such as medical bills or a major car repair.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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