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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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m10
11:56
was*
JumpySubsequentDolphin
11:57
wear a mask
JumpySubsequentDolphin
11:57
go back to Covid days
m10
11:58
Nah nah she would not like that. She is conservative.
BulbasaurNoLikeCardio
11:58
Tell her you just got over a cold and if she wants to try and steal your germs its on her but no one likes being sick so hopefully she is chill
m10
11:59
We will see. This is enough feedback. Thank you all.
12:00
tell her you wanna test and see if your immune systems are compatible, that gets the ladies going
m10
12:00
Lol, maybe
babycat
12:00
lmao when you give the republican baddie the ick by masking up
12:01
LOL
Dkk
12:02
Just part of the culture.
BulbasaurNoLikeCardio
12:04
I wish that wearing a mask when sick stuck around as an okay thing like it is in the rest of the world, not all of us have enough sick days to be ditching work.
Dkk
12:04
Unless its like an N95 i dont think it will really do anything
12:04
there's even a mask ban in some places. altho one of my coworkers wears a mask anyway despite customers being rude to her about it
12:05
good morning
12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
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