Article: Decision Time: Home Equity Loan Or Home Equity Line Of Credit?
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Decision Time: Home Equity Loan Or Home Equity Line Of Credit?
Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29 percent, following a torrid 31 percent growth rate in 2002. With so many people deciding to cash in on their home?s equity value, it seems sensible to review the factors that should be weighed in choosing between out a home equity loan (HEL) or a home equity line of credit (HELOC) loan. In this article we outline three principal factors to weigh to make the decision as objective and rational as possible. But first, definitions:
A home equity loan (HEL) is very similar to a regular residential mortgage except that it typically has a shorter term and is in a second (or junior) position...
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