Hold Back – A certain amount of money held back by the lender to ensure completion of construction on a new property or improvement on a property.
Home Equity – The difference between the fair market value or appraised value on a property and the amount left owing on the mortgage.
Home Equity Line of Credit – A loan made to the borrower as a revolving credit secured by the property.
Home Equity Loan – A loan generally used to renovate a property. The loan is secured by the property.