Article: Home Equity Loan Or Home Equity Line Of Credit ? Which Is Right For You?
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Home Equity Loan Or Home Equity Line Of Credit ? Which Is Right For You?
The most common type of home equity loan is the term loan.
This loan is set for a fixed amount of time, anywhere from five to fifteen years. Such loans are typically granted for up to 80% of the value of the home, but some lenders will lend up to 125% of the home?s value.Is this type of loan right for you?
The term loan works best for those who need to borrow a fixed amount of money for a specific purpose ? paying for a wedding, a home remodeling project, a fixed educational expense, or debt consolidation. This would give the borrower a fixed repayment schedule, where he or she would pay a set amount of money each month for a specific period of time. An increasingly popular alternative to the home equity loan is a line of credit.
This type of loan w...
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