Glossary of lending Terms - h

The organization which owns the loan and which has the right to collect from the borrower.
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A home equity line of credit is an open-ended loan, paid as revolving debt, that is backed by the portion of the home's value that the borrower owns outright. Interest paid on a home equity line of credit is usually deductible.
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A loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years. Bankrate gathers quotes based on a $10,000 (or minimum loan amount offered if it is more than $10,000) fixed-rate loan with a term of 60 months for a Home Equity loan.
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