Archive for January, 2009

Home Equity Loan Versus Home Equity Line of Credit

Monday, January 12th, 2009

Both home equity loans and home equity credit lines are second mortgages, but these home equity products do have some differences with the interest rates and terms.  First of all home equity loans are installment loans with a fixed interest rate amortized on a set term.  The monthly payment for an equity loan is the [...]

Home Equity Line of Credit Guidelines

Monday, January 5th, 2009

Most home equity lenders have mortgage guidelines that vary, like loan to value, credit scores, residual income, cash out limits, loan amount limits, etc.  Some second mortgage lenders offer equity loan programs with no lending costs and annual costs for equity lines of credit. These days, most mortgage lenders will limit borrowers to 65% loan [...]

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