Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of H

Home Equity Loan Consumer Protection Act of 1988

Requires lenders to disclose terms, rates and conditions, (* annual percentage rate (APR), miscellaneous charges, payment terms, and information about * variable interest rate features) about the * home equity loan plan it offers, first when you receive an application and again before you first use the line of credit. If the disclosed terms change, the consumer can refuse to open the plan and is entitled to a refund of fees paid in connection with the application. The Act also limits the circumstances under which creditors may terminate or change the terms of a home equity plan after it is opened.

Glossary For This Page
(In Alphabetical Order)

* Annual Percentage Rate (APR)
A term representing the total cost of credit, expressed as a yearly rate. The APR of a loan is the total finance charge, including interest, points, broker fees and certain other credit charges that the borrower is required to pay.

* Home Equity Loan
A loan allowing owners to borrow against the equity in their home, usually a * second mortgage.

* Second Mortgage
A second loan on a piece of property. It often carries a shorter term and a higher interest rate than the original mortgage. The original mortgage and the second mortgage are secured on your property, but the legal charge of a second mortgage ranks behind or second to the original mortgage, making it a higher risk for the lender.

* Variable Interest Rate
An interest rate (the percentage of a sum of money charged to the borrower by the lender for borrowing the lender's money) which is tied to an index, such as the Wall Street Journal Prime, and fluctuates (rises and falls or varies) during the life of the loan. The payments you would make may increase or decrease accordingly.

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