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Home Equity Line of Credit 1 Type Interest Only Principal & Interest Home Equity Term Loan 2 Term 1 to 5 Years 6 to 10 Years 11 to 15 Years Automobile Loans 3 Type and Year Term New Vehicles (20152016)
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A home equity line of credit, also known as HELOC, is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in their house.
Individuals who have applied for a home equity line of credit are required to file the necessary documentation with their lender.
To fill out a home equity line of credit application, borrowers need to provide their personal information, financial information, and details about their property.
The purpose of a home equity line of credit is to provide homeowners with a flexible way to borrow against the equity they have built up in their home.
The information that must be reported on a home equity line of credit includes the borrower's income, credit history, property value, and requested loan amount.
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