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Home Loans
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.
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
second 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.
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.
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