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Finance → Financial jargon
ANSWERS: 1
  • Official Know-It-All
    A home equity loan is a type of borrowing, where you pledge your house as collateral to guarantee repayment. In a closed-ended loan, you receive money in a lump sum and make payments for a specific number of months or years. After that, the loan is paid off, and if you wish to borrow more money, you must re-apply.

    Source:

    BusinessDictionary.com: Closed-end Loan

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