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Glossary
Glossary
Glossary | |
| Terms that are on use on this site. | |
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| There are 3 entries in the glossary. | |
| Pages: 1 | |
| Term | Definition |
| Hard Inquiry | A record of a business request to see your credit report data for the purpose of an application for credit. Hard inquiries appear on your credit report each time you complete an application for a credit card, loan, cell phone, etc. Hard inquiries can remain on your credit report for up to 2 years and can cause your credit score to drop slightly. |
| Home Equity Line of Credit | An open-ended loan that is backed by the part of a home's value that the borrower owns outright. This type of loan is used much like a credit card. Home equity lines of credit can be effective ways to borrow large sums of money with a relatively low interest rate. These types of loans should be used with caution. If a borrower is unable to pay back the loan for some reason (loss of job, illness, etc.) they risk loosing the home they used as collateral. |
| Housing Expense Ratio | The percentage of your monthly pre-tax income that goes toward your house payment. The general rule is that this ratio shouldn't exceed 28%. This is also known as the "front ratio."
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| Glossary V2.0 | |
