Understanding Home Equity: Line of Credit vs. Loan
Posted by Steve Harmer on
Borrower or credit costs can be outrageous.
To go get a line of credit, you are usually paying upwards of prime plus 3% or even 5%. These lines of credit can be based on interest only or principle and interest payments. This kind of loan is based on how the lender views you as a risk. In other words, they look at the amount of money you are making and the amount of debt you have and then decide how much credit they are willing to give you. Usually, these loans are not very big as there is no security. And even though a lender considers your income vs your debt for a mortgage you will not get as much as you would get through a mortgage BECAUSE….
…a mortgage is based on securing a loan against a property. If you fail in making a mortgage payment and…
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