Home Equity
The value of real estate calculate by the market value of the home minus the amount of unpaid mortgage.

Home Equity Debt
A loan or line of credit secured by the borrower's home.

Home Equity Line of Credit
A revolving credit line offered by lenders allowing homeowners a second mortgage that uses the homeowner's equity as collateral.

Home Equity Loan
An installment loan secured by the accumulated equity of the borrower's home. A form of closed-end credit featuring a fixed interest rate, monthly payment and term.

Installment Loan
An extension of money arranged to allow borrowers to repay the principal and interest in equal payments over a fixed term.

Interest
The cost of borrowing money, usually expressed as a percentage rate.

Interest Rate
A percentage charged by a lender for borrowing money.

Introductory Rate
A low interest rate carried by a credit card for an initial period, usually three months.

Junk Fees
The excessive and unnecessary costs charged by credit card companies or personal loan lenders.

Keogh Plan
A retirement plan for a self-employed individual who can deduct contributions from taxable income.

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