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Home Equity Loans
Reasons to take out a Home Equity Loan
Debt consolidation, educational expenses, unplanned emergencies, home improvements, vehicle purchases, and other gifts and purchases can benefit from a Home Equity Loan or a Line of Credit. Click "here" for timely and accurate Free Home Equity Quotes
Benefits:
- Fixed Home Equity Loan - Fixed rates and payments
- 125% Loan - Borrow up to 125% of the property value
- Line of Credit - typically the lowest monthly payments of all loans
Available Monies:
- Fixed Home Equity Loan - the entire amount of the loan is delivered to you immediately upon closing.
- 125% Loan - the entire amount of the loan is delivered to you immediately upon closing.
- Line of Credit - withdraw money from the amount of credit as you need it.
Payment on Loan:
- Fixed Home Equity Loan - Options available for 15 or 30 year payback
- 125% Loan - 15 year payment
- Line of Credit - Typically Interest Only
Timeframe of Loan:
- Fixed Home Equity Loan - 15year
- 125% Loan - 15 year
- Line of Credit - 10year
Interest Rate:
- Fixed Home Equity Loan - Fixed Interest Rate
- 125% Loan - Fixed Rate
- Line of Credit - The margin is typically fixed and varies with the prime rate
Loan-to-Value:
- Fixed Home Equity Loan - Pays to shop around! Depends upon the lender
- 125% Loan - Pays to shop around! Depends upon the lender
- Line of Credit - Pays to shop around! Depends upon the lender
Loan Amount:
- Fixed Home Equity Loan - Pays to shop around! Depends upon the lender
- 125% Loan - Pays to shop around! Depends upon the lender
- Line of Credit - Pays to shop around! Depends upon the lender
The Disadvantages:
- Fixed Home Equity Loan - One payment only
- 125% Loan - Higher rates than a loan or line that goes up to 100% of the property value
- Line of Credit - An Adjustable Interest Rate
Home equity line of credit
