What is Home Equity Loans?
The difference between the fair market
value and current indebtedness, also referred to as the owner's
interest. The value an owner has in real estate over and above the
obligation against the property
What is Equity Line of Credit?
A combination of a line of credit and equity loan secured by real
property. A maximum loan amount is established based on credit and
equity. A mortgage is recorded against the potential borrower’s
property for said maximum loan amount. The potential borrower has
the right to borrow, as needed, up to the amount of the credit line.