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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 L
Line of Credit
A certain amount of money, for a certain amount of time, that you can draw on as you need it. As you partially (or fully) pay down the outstanding balance (amount owed on the loan), you can borrow against the line of credit again without having to re-apply for a new loan. Also known as a credit line or revolving credit.
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