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.
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.
The persons who are on title must both sign for a 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.
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
The current interest rate for the Citibank home equity line of credit is 4.49% for a $50,000 loan. However whether one would get this would normally depend on credit history.
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.
The persons who are on title must both sign for a 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.
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
The current interest rate for the Citibank home equity line of credit is 4.49% for a $50,000 loan. However whether one would get this would normally depend on credit history.
A home equity line of credit acts like a credit card: Homeowners get a certain amount of credit based on their home's equity and then use that to make purchases, much like they would with a credit card.
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.
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.
Your mortgage lender who is offering you an equity line of credit can answer your question.
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
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.
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.