Back to Glossary
Contractual Payment: Home Equity Line of Credit
Updated
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
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement