Business and Personal Finance Dictionary

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• EQUITY LINE OF CREDIT
  
  When you take out an equity line of credit, a revolving line of credit is issued to you and you will be able to borrow against that line of credit as funds are needed. Your credit limit will be determined by a combination of your credit history and the equity in your home. The lender who holds your equity line of credit will have a lien against your home for the maximum of the loan amount.
  
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