Types of Home Equity Loans
There are at least two types of home equity loans.
The first is a term or closed end loan and the second is
basically a line of credit. Most people prefer to refer to them
as a second mortgage because they are secured against your home
much like your first home loan or mortgage. Typically these types
of home equity loans usually have a payback life of between 5 and
The term loan is a one-time lump sum payment that is paid off
over a set amount of time. There is a fixed interest rate which
allows for the same loan repayment each month. After you get your
money you cannot borrow further from the loan.
A home equity loan line of credit works more like a credit
card. You are allowed to borrow up to a certain amount for the
life of the loan. The time limit is usually set by the lender of
the loan. During that time you can withdraw money as you require
it to purchase items or pay for things that interest you. As you
pay off the principal your credit revolves and you can use it
again. This credit line gives you more flexibility than a term
home equity loan.
Which ever of the two types of home equity loans that you
should use depends on your unique situation. You can base your
decision on some common questions such as how much money will you
need, how long will you need the money for, how long will you
need to pay the loan off and how much of a monthly payment can
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CUNA News (press release)
'Flat' mortgage market aheadCUNA News (press release)This year is turning out like most people predicted in the mortgage arena. Rising interest rates have significantly hampered the mortgage refinance market. The growth of the purchase market can only be as great as the inventory of available homes.
How Credible worksCredible News (blog)It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score. 2. Compare rates from multiple lenders. View the interest rate and cost breakdown of each loan to choose the ...and more »
World Property Journal
Mortgage Applications Dip in Mid-NovemberWorld Property Journal"Both home purchase and mortgage refinance applications decreased over the week, driven largely by declines in conventional applications. Mortgage rates increased over the week for most loan types, with the 30-year fixed rate mortgage increasing to 5 ...
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