Line Of Credit
Definition of "Line of credit"
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.
Popular Real Estate Terms
Long, one-story house with the roof sloping toward the ground, often having skylights and contemporary windows. ...
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Records maintained as evidence of ownership of the home and any of its contents. ...
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See before-tax cash flow; cash flow. ...
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