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Banking

Home Equity

The equity, or established ownership stake, in a residential real estate unit (home) that is typically used as a basis...

HELOC

An acronym for home-equity line of credit; a line of credit that is secured by a borrower's home equity. As...

Home Equity Line of Credit

A line of credit that is secured by a borrower's home equity. As a security, it gives a homeowner borrower...

Refi

Refi (refinance) involves a situation when a borrower (e.g., a mortgagor) takes out a new loan, such as a mortgage...

Refinance

Refinance involves a situation when a borrower (e.g., a mortgagor) takes out a new loan, such as a mortgage loan,...

Reverse Mortgage

A mortgage that is collateralized with a mortgagor's home equity, while a mortgagee (a lender/ lending institution) makes regular payment...

Mortgagor

The borrower in a mortgage, i.e., the party to a mortgage loan that is extended credit by the mortgagee (the...

Mortgagee

The lender in a mortgage, i.e., the party to a mortgage loan that extends credit to another party, the borrower...

Negative Amortization

A situation (amortization that has a negative sign and effect) that arises when a mortgagor (a borrower) has an increasing...

Income Clubbing

The inclusion or addition (clubbing) of another person's income in one's own income for the purpose of computing the total...