HomeTermsCompareFinance Equity Line Of CreditThe definition for Equity Line Of Credit:A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage (deed of trust) 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 mortgage. Similar MatchesAppel Loan (Accelerating Payoff Progressive Equity Loan)Appel Loan (Accelerating Payoff Progressive Equity Loan)A residential property loan which calls for a payment increase over the first 6 years. Level payments are made for the remaining years and the loan paid off during the 15th year. There is no prepayment penalty and P.M.I. is required. EquityEquityThe value of a person's interest in real property after all liens and charges have been deducted. Growing Equity Mortgage (gem)Growing Equity Mortgage (gem)A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progress. Based on the theory of increasing income by the buyer and, therefore. ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest. Further SuggestionsSweat EquityClick to compare definitions of Equity Line Of Credit Click to view definitions beginning eq |