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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
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
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true i love ur user
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thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
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