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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Home equity loan
Can someone please explain what this is? In laments terms if possible (haha). How long do you have to pay it back?
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Posted 2/6/10 2:06 PM  |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Home equity loan
It depends on the loan that you take. I have a home equity loan that is 20 years but there are ones that are 5, 10, 15 etc. I believe they go in 5 year increments.
In todays banking climate though I am not sure if banks are offering them unless you have a lot of equity in your home. I got mine back in 2007 so I do not know the ins and outs now. I got a better rate for having the money taken directly out of my checking and there tends to be very minimal closing costs--I believe I paid less than $100 when we took out ours.
Interest rates tend to be a little higher on fixed equity loans and the closer you get to 80% loan to value ration the higher the rate.
There are also adjustable rate home equity loans.
what else did you want to know?
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| Posted 2/6/10 4:46 PM |
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