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it lets you borrow against the equity [the amount house worth minus the amount still owed on it]. go to the bank where you bank & they will tell you exactly the amount of credit you are eligible to take [or borrow] against your home equity. if your credit is good they will tell an exact dollar amount you can take whenever you wish [after all the paperwork is done. some warnings- dont do it unless you are absolutely sure you can pay it off quickly-use it only if absolutely necessary-dont do it unless you are extremely self disciplined. I've found that the interest rate is usually a little lower than rates in general[for example auto loans. another warning-the required monthly payment is intentionally very low, reason being that they dont want you to pay it off they want to keep making interest off of you. its a double edged sword its nice to have access to 25 or 50 thousand dollars within 5 minutes or so but can bite you in the butt when it comes time to pay it off A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage (deed of trust) is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the mortgage.
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What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
What is equity line of credit?
An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.
Why would someone need an equity line of credit?
Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.
Where can someone open an Equity Line of Credit?
There are many places one might consider going to to open an "Equity Line of Credit." The most reputable source for an "Equity Line of Credit" would be to go through your local bank or credit union.
What is the home equity loan and line of credit?
The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
What is equity line of credit?
An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.
Why would someone need an equity line of credit?
Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.
Where can someone open an Equity Line of Credit?
There are many places one might consider going to to open an "Equity Line of Credit." The most reputable source for an "Equity Line of Credit" would be to go through your local bank or credit union.
What is the home equity loan and line of credit?
The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.
Who do i get my home equity line of credit from and what does home equity line of credit mean?
A Home Equity Line Of Credit (HELOC) is generally granted by a bank or credit union. Equity is the amount of your home that you actually own. For example, if your home is worth $100,000 and you have paid $20,000 in principal, your equity is $20,000. A loan can be made using this equity as collateral. A line of credit for this amount basically means you will be given a checkbook that draws upon the loan.
Are there restrictions for getting a home equity line of credit if you own a condo?
Your mortgage lender who is offering you an equity line of credit can answer your question.
How is the credit line priced for a home equity line?
The most informative online resource for information on a credit line for a home equity line is from United States government. http://www.federalreserve.gov/pubs/equity/equity_english.htm
Where can one get details about an Orange Home Equity loan?
The home equity is a line of credit, a loan, or both. It starts with a home equity line of credit which is a form of revolving credit with a variable interest rate.
Where can I get the best advice of having an Equity Line of Credit ?
You could apply for an Equity Line of Credit, so long as you know what you're doing. I know of a few friends whom applied for an Equity Line of Credit, and I can give you their numbers for information from them.
Can you get an equity line of credit on an owner-carry home?
I presume owner carry homes are kind of apartments so you can get equity line of credit .
Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
