Business / Taxes / Home Equity Loan: A home equity loan, sometimes called a second mortgage, is secured by the equity in your home. You receive the loan principal, minus fees for arranging the loan, in a lump sum. You then make monthly repayments over the term of the agreement, just as you do with your first, or primary, mortgage. The interest rates on home equity loans are generally lower than the rates on unsecured loans. However, when you borrow against your equity you run the risk of foreclosure if you default on the loan, even if you have continued to make the required payments on your first mortgage.
Equity Noun Synonyms: fairness, impartiality, even-handedness, justice, fair play, objectivity, disinterest, fair-mindedness, equitableness, open-mindedness, disinterestedness, neutrality, tolerance, judiciousness, right-mindedness, high-mindedness
Home Noun Synonyms: (home) base, residency, territory, haunt, home ground, bailiwick, stamping-ground
Home Adjective Synonyms: dwelling-place, residence, domicile, abode, dwelling, house, (living) quarters, habitation, lodging(s), accommodation or accommodations, place, digs, diggings
Business / Accounting / Net Assets (Owners Equity): The ownership interest in the assets of an entity: equal total assets minus total liabilities. MORE
Business / Debt / Negative Equity: A situation where the purchaser of a property has taken out a mortgage and some time after the purchase, the value of the property falls below the mortgage amount. MORE