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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Home Equity Line of Credit

A loan in which the borrowed amount is dependant upon the amount of equity in the borrower's home. A Home Equity Line of Credit differs from the Home Equity Loan in that the borrower is allowed to obtain multiple advances of the loan proceeds at his or her discretion, versus receipt of the entire proceeds at closing, up to an amount that represents a specified percentage of the borrower's equity in a property.

See Home Equity
See Mortgage Loan Purpose Type Overview
See Second Mortgage

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.