Back to Glossary
Contractual Payment: Home Equity Line of Credit
January 19, 2023
A home equity loan is a fixed-rate loan secured by your house. Just like your initial mortgage, you return the loan with equal monthly payments over a certain period of time. Your lender may foreclose on your home if you do not repay the debt as agreed.
Related Topics
Navigating the Process of Mortgage Modification
What Is Non-Recourse Lending?
What Is a Short Sale?
When Is the First Mortgage Payment Due?
What Does Foreclosure Mean?
What Is a HELOC Loan?
Loan Default
Financial Considerations (For First-Time Home Buyers)