Definition
HELOC
A home equity line of credit — a revolving, usually variable-rate credit line secured by the property, typically in second lien position.
Nearby terms
Good Faith Estimate
The predecessor to the Loan Estimate, replaced for most mortgages in 2015.
Hazard Insurance
Property insurance covering physical damage, required by lenders as a condition of the loan.
Home Equity Loan
A fixed-rate lump-sum loan secured as a second lien against the property.
Homeowners Association
An organisation governing a community or building, funded by dues and empowered to levy assessments and enforce covenants.
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