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Posted by NVLSlady/VA of VA on 11/7/19 11:13am Msg #612075
FI (financial institution) lingo for equity loans (attaching a lien to property) tends to generate confusion if one isn't familiar with installment vs. LOCs.

Although at times used interchangeably here, HELOCS (Home Equity LINES OF CREDIT) are One type of Equity Loan.
It's an open-end credit source similar to a credit card AND subject to a variable rate; LOC can remain open for up to 10 years or longer. Checks are the standard method to access.

Another Home Equity Loan isn't a LINE/LOC at all, disburses a "lump sum," has a fixed rate & term, and is paid in regular installments immediately. Most often coined FEL (Fixed Equity Loan).
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Messages in this Thread
 is there a link to the abbreviations used here? - Connie Thingstad on 11/7/19 10:03am
 Re: is there a link to the abbreviations used here? - BrendaTx on 11/7/19 10:27am
 New one: BDIB...Brenda Does It Better! n/m - Lee/AR on 11/7/19 10:31am
 Y'all are too funny. thanks. :) n/m - BrendaTx on 11/7/19 3:14pm
 Re: is there a link to the abbreviations used here? - NVLSlady/VA on 11/7/19 10:49am
 Re: is there a link to the abbreviations used here? -  JanetK_CA on 11/7/19 2:42pm
 Re: is there a link to the abbreviations used here? - MikeC/TX on 11/8/19 5:43pm
 No link, but here are a few abbreviations we use - Lee/AR on 11/7/19 10:29am
 While we're on the subject... - NVLSlady/VA on 11/7/19 11:13am
 Thank you!! - Connie Thingstad on 11/7/19 12:09pm



 
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