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Houston Mortgage > Glossary >
Debt Management > H 1-10
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Hard inquiry
An item on a person's credit report that indicates that someone has asked for a copy of the individual's report. Hard inquiries are requests that result from a person applying for credit, such as a mortgage, a car loan, a credit card or a rental application. They are included in the formula for determining a person's credit score.
Home equity line of credit
A home equity line of credit is an open-ended loan, paid as revolving debt, that is backed by the portion of the home''s value that the borrower owns outright. Interest paid on a home equity line of credit is usually deductible.
Home equity loan
A loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years. Bankrate gathers quotes based on a $10,000 (or minimum loan amount offered if it is more than $10,000) fixed-rate loan with a term of 60 months.
Household income
The total income of all members of a household. An important yardstick used by lenders evaluating applications for joint credit.
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