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Auto Loan vs. Home Equity Loan
Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible. Two good reasons to take a look at home equity loans to finance your automobile purchase.
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What is the difference between home equity loan vs home equity line of credit?
A home equity loan give the customer a one time lump sum whereas a home equity line of credit allows for flexible amount distributed over time. The choice depends on an individuals credit history and their discipline.
What are the benefits of equity home loan refinancing vs other options?
Home equity loans are generally more favorable in the face of interest rates and terms. Home equity loans are also generally cheaper compared to other options.
What is the difference between a home equity line of credit vs a home equity loan?
A home equity line of credit is often used to cover various expenses that you may incur over an extended period of time, like on going home repair, tuition, or other necessary expenses. A home equity loan is often used for a large one time expense.
What are the differences in acquiring an equity loan vs line of credit?
An equity loan is a loan based on the value of your home. Some people will get an equity loan when they are really hurting on cash and need more help in paying their mortgage. A line of credit is usually a smaller amount of money which is also easier to get a approved for. You have to pay a monthly bill on a line of credit as well as the interest that builds up.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
Where can one find online home equity vs refinance discussions?
The Bankrate website has a lot of information regarding home equity versus refinance discussions. Use the search function for "Refinance vs. home equity loans" for a list of results.
Where can one find information on refinancing the home mortgage equity loan?
The Federal Reserve website offers a consumer's guide to mortgage refinancing. Some bank websites, such as University Credit Union for example, offer information on the advantages and disadvantages of refinancing vs. home mortgage equity loans in particular.
Can a home equity loan be refinanced without refinancing your main mortgage?
Yes, if the individual has an outstanding credit history AND the equity in the home is still high enough to support the second mortgage. There are certain interest rate environments that warrant refinances and the current environment, with rates as low as they have been in decades, represents one. The difference, however, vs. other low rate environments is that homes have lost a significant amount of value, putting new and even a subset of existing home equity lines of credit in jeopardy.
Where can one find equity loans vs home mortgages discussions?
There are a few sites online where one can access discussions on home mortgages vs equity loans. Some websites like eHow and Ezinearticles are good resources too. Many bank and mortgage companies host discussions on this topic, both in store and online.
Is it home vs visitor or visitor vs home?
Visitor vs home
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What happens at a Foreclosure sale when it says bank vs individual and United States of America?
It sounds like you might be referring to a foreclosed home that might have a Veterans Administration loan or some other type of government-backed loan on it.
