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2017-04-25 12:26

Financial Glossary

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Home equity line of credit (HELOC)

An open-ended loan that allows homeowners to borrow against the equity in their home. A maximum loan balance is established, and the homeowner can then borrow or pay back funds at any time.

Home equity loan

Also known as a second mortgage, a home equity loan allows homeowners to borrow against the equity in their house. Equity is determined by measuring the value of the house minus the balance owed on the original mortgage.