Which Loan is Best For You-A Home Equity Loan or a Home Equity Line of Credit?
November 8th, 2008
Tip! A home equity loan, or second mortgage, allows you to borrow large amount of money against the equity you’ve built up in your home at very competitive interest rate.
If you don’t know the difference between a home equity loan and a home equity line of credit, here’s a quick summary of both with their advantages and disadvantages.
A home equity loan is a fixed loan taken out over a fixed period of time and at a fixed rate. The monthly repayments are also fixed for the term of the loan so you know from month to month what you’re paying back.
The advantages of this loan are
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Entry Filed under: Home Equity Line of Credit
3 Comments
1. Which Loan is Best For Yo&hellip | November 8th, 2008 at 11:34 am
[…] View original post here: Which Loan is Best For You-A Home Equity Loan or a Home Equity Line of Credit? […]
2. Credit Crunch » Whi&hellip | November 8th, 2008 at 11:39 am
[…] Power Ideaz wrote an interesting post today onHere’s a quick excerptTip! A home equity loan, or second mortgage, allows you to borrow large amount of money against the equity you’ve built up in your home at very competitive interest rate. If you don’t know the difference between a home equity loan and a home equity line of credit, here’s a quick summary of both with their advantages and disadvantages. A home equity loan is a fixed loan taken out over a fixed period of time and at a fixed rate. The monthly repayments are also fixed for the term of the loan so y […]
3. Which Loan is Best For Yo&hellip | November 8th, 2008 at 11:45 am
[…] Read the original […]
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