Banking definitions beginning with H

Used to indicate that a certain amount of a customer's balance may not be withdrawn until an item has been collected, or until a specific check or debit is posted.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Available balance, Bank statement, Deposit slip, Exception hold, Safe (or safety) deposit box, Uncollected funds

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A line of credit secured by the equity in a consumer's home. It can be used for home improvements, debt consolidation, and other major purchases. Interest paid on the loan is generally tax deductible (consult a tax advisor to be sure). The funds may be accessed by writing checks against the line of credit or by getting a cash advance.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Account Agreement, Available credit, Credit card account agreement, Credit limit, Line of credit, Open-end credit, Overlimit, Revolving credit

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A home equity loan allows you to tap into your home's built-up equity, which is the difference between the amount that your home could be sold for and the amount that you still owe.

Homeowners often use a home-equity loan for home improvements, to pay for a new car, or to finance their child's college education. The interest paid is usually tax-deductible.

Because the loan is secured by your home's equity, if you default, the bank may foreclose on your house and take ownership of it.

This type of loan is sometimes referred to as a second mortgage or borrowing against your home.

The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Guaranteed student loan, Loan contract, Loan fee, Loan modification provision, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan

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Banking (314) : A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

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