Home Equity Credit Lines
Using a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit lines in a variety of ways.
You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments.
No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs.
Be sure to review the home equity contract carefully before you sign it. Do not hesitate to ask questions about the terms and conditions of your financing.
Home Equity Credit Lines
Is a home equity credit line for you?
How much money can you borrow on a home equity credit line?
What is the interest rate on the home equity loan?
What are the upfront closing costs?
What are the continuing costs?
What are the repayment terms during the loan?
What are the repayment terms at the end of the loan?
What safeguards are built into the loan?
Information is adapted from "Home Equity Credit Lines" a free brochure provided by the Federal Trade Commission.
Home Equity Line of Credit Resources
|
 |
|
|
|
|
|
|
|
|
|