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Simple English definitions for legal terms

home-equity loan

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A quick definition of home-equity loan:

A home-equity loan is when a bank gives you money using your house as a promise to pay it back. It's like borrowing money from a friend, but instead of giving them something to hold onto, they keep your house as a guarantee. You can use the money for things like home improvements or paying off debt. But if you don't pay back the loan, the bank can take your house away.

A more thorough explanation:

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

For example, if a homeowner's home 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.

Home-equity loans are often used for home improvements, debt consolidation, or other major expenses. The loan is repaid over a set period of time, usually with a fixed interest rate.

Example: John has owned his home for 10 years and has paid off $100,000 of his mortgage. His home is now worth $300,000, so he has $200,000 in equity. He decides to take out a home-equity loan to pay for a new roof and some other home improvements. He is approved for a loan of $50,000, which he will repay over 10 years with a fixed interest rate of 5%. This means he will make monthly payments of about $530 until the loan is paid off.

This example illustrates how a homeowner can use their home equity to borrow money for major expenses. The loan is secured by the home, which means the lender can take possession of the home if the borrower fails to repay the loan.

home-equity line of credit | homeless shelter

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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.
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