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Home equity loan - A home equity loan is a type of loan in which the borrower uses the equity in his home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations.

Equity loan - An equity loan is a mortgage placed on real estate in exchange for cash to the borrower. For example, if a person owns a home worth $100,000, but does not currently have a lien on it, they may take an equity loan at ...

Negative equity - Negative equity is a term used in the housing market, usually following a general fall in property prices, to mean that the market value of a mortgaged house or flat is less than the amount outstanding on the loan used to purchase it. This situation also occurs with 2nd mortgage home equity loans and some loans structured to loan more than the appraised value, such as 125% loans.

Bridge loan - A bridge loan (or swing loan) is a type of short-term loan in the financial industry. Bridge loans are typically taken out for a period of 2 weeks to 3 years in order to finance projects.


Suggested Web Sites

Northland Financial Services - Conventional home loans, mortgages, and home equity loans. Financing FAQ's and online loan calculator.

Mortgage for Beginners - Information on fixed and adjustable rate mortgages, home equity loans, refinancing, and reverse mortgages. With a glossary and mortgage calculators.

First Horizon Home Loans - Nationwide provider of mortgages offering products and services such as mortgage calculators, re financing, home equity loans, online mortgage applications, home buying guides and debt consolidation.

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