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Finance. A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
A home equity line of credit, or HELOC ( /ˈhiːˌlɒk/ HEE-lok ), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term ), where the collateral is the borrower's property (akin to a second mortgage ). Because a home often is a consumer's most valuable asset, many ...
Warehouse line of credit. A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
The difference comes in how you receive your funds. Borrowing a personal loan means receiving a lump sum when you are approved, while a personal line of credit functions similarly to a credit card ...
A secured line requires collateral, while an unsecured line does not. Your potential credit line depends on several different factors, but it is possible to secure a line as large as $3 million. A ...
An SBA line of credit is a financial tool offered under the 7 (a) loan program. It’s designed to provide small businesses with ongoing access to funds to cover various expenses. One of the ...
Credit limit. A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit (sometimes called a credit line, line of credit, or a tradeline). [1]
A home equity loan is a type of loan in which the borrowers use the equity of their home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. [citation needed] Home equity loans are often used to finance major expenses such as home ...