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Home Equity Loans
A traditional home equity loan offers home
owners a fixed rate and fixed payment at a
repayment period ranging from 10 to 30 years as
a means of keeping your payments at the lowest
level possible.
It is designed for individuals that have an
immediate need for funds to consolidate debt,
complete home improvements right away or any
other worth while purpose. For those individuals
who intend on staying in their home for 5 years
or more...this loan provides that added security
of fixed payments each and every month.
Many programs are available that will go up to
100% of your home value depending on your
individual credit situation.
Home Equity Lines of Credit
This loan offers a borrower a specific
approved loan amount where by funds can be drawn
against the line right away or can be as
additional funds are needed. As payments are
reapplied each month towards the line of credit
available, funds are restored for future use.
Unlike a traditional fixed rate home equity
loan...The HELOC is a variable rate and adjusts
monthly. The rates are typically much lower than
a "fixed rate", but also present a bit of risk
when interest rates go up. For those individuals
seeking a financing vehicle that provides them
more flexibility, a HELOC can serve you well in
many ways.
In most cases HELOC's even offer an "interest
only option", which will keep your monthly
payments even lower!
Many programs are available that will go to 100%
of your home value, depending on your individual
credit situation. |
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