google bot detected Line Of Credit | Real Estate Glossary | Realestateagent.com

Line Of Credit


Definition of "Line of credit"

Rod  Roberts
  HomeSmart

The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected occurrences or emergencies. Under the line of credit provision, a check may be written whenever funds are needed. Interest is charged only on the amount borrowed. Interest incurred on the first and second homes are deductible for tax purposes.



Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ