Debt Consolidation
Loan - A type of loan that
allows the borrower to payoff all or a portion of existing debt
(including the existing mortgage loan)
from
loan proceeds.
Equity Credit
Line - A loan with a maximum credit
limit that allows the borrower(s) to disburse funds up to the maximum
credit line as needed. Funds may be disbursed repeatedly as the
principal balance is paid down up to the maximum credit limit available.
A line of credit functions similar to a credit card and may be accessed
by writing a check or a using a debit card
Home Equity Loan -
A type of loan that allows homeowners
to acquire a loan in addition to their original mortgage/lien using a
portion or all of the equity in their home (primary residence). A home
equity loan is a generally a home mortgage on the subject property and
may be used for any personal needs (i.e., college education, debt
consolidation, home improvement, etc).
Home Improvement Loan
- A mortgage
that enables eligible borrowers to obtain financing to remodel, repair,
and upgrade their existing homes.
