What is a mortgage loan. A mortgage is a loan used to buy real estate cashmax loans near me which the asset (the house you are buying) is also the collateral. The loan is paid back over time (such as a 30-year mortgage) and with each payment, the borrower accrues incremental ownership of the property called equity. If the borrower defaults on the loan, the lender assumes ownership of the property.
In some cases borrowers will walk away from a mortgage when the loan exceeds the value of the house. During the mortgage crash, hundreds of thousands of people walked away from mortgages when the market crashed and housing values plummeted. What is a line of credit. A line of credit is basically the maximum amount of credit a bank or loan institution will extend to a borrower. If you have a 10,000 line of credit and you have already borrowed or still owe a balance of 5000, you are still eligible to borrow the remaining balance until you have reached your credit maximum (in this scenario - 10,000).
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