Home Equity Loan Explanation: A home equity loan is an additional (secondary) loan taken against the value of your home. In other words, home equity loans are secured consumer loans for which the collateral would be the borrowers’ equity in their homes. Now, what is home equity? Home equity is nothing but the difference between […]
Home Mortgage Disclosure Act
Home Mortgage Disclosure Act (HMDA or HUM-duh) is a federal act that was enacted in 1975 that requires home mortgage lenders or federal home loan banks in the US to disclose information regarding their lending practices. The importance of Home Mortgage Disclosure Act The information provided as part of this act is beneficial for the […]