HomeEquityLoan - A 2nd mortgage loan for which real estate serves as collateral to provide for repayment.

Home Equity Loan - An additional mortgage secured by the equity in the home. All funds for this loan are disbursed at closing. (In contrast, see Home Equity Line Of Credit).

Cash Out - A refinance for more than the balance of the current mortgage. The excess money taken out reduces the borrower’s equity.

Credit Refinancing - The process of paying off one loan with the proceeds from a new loan secured by the same property.

Credit Mortgage Loan - A loan for which real estate serves as collateral to provide for repayment in case of default.

Jumbo Loan - A mortgage with a principal balance that exceeds $417,000 the amount eligible for purchase by Fannie Mae and Freddie Mac. Jumbo loans generally carry a higher interest rate.

Home Equity Line Of Credit - A revolving line of credit secured by the equity in the home. Unlike a Home Equity Loan, these funds may be drawn and repaid like a credit card.