| Home Equity Line VS Home Equity Loan |
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Home equity loans and lines of credit are commonly used for debt consolidation, educational expenses, unplanned emergencies, home improvements, vehicle purchases, and other gifts and purchases.
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| How Your Home Equity Is Working for You |
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Equity Line |
Equity Loan |
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Receive the money as you need it |
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Receive the entire amount at closing |
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Interest only (Minimum $100) |
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Options available to base payments on 15 or 30 year payback |
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Fixed Margin, varies with the Prime Rate |
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1 unit (i.e. single family home or condo/townhouse) and
2 unit complex up to 100%
3-4 unit complex up to 80%
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1 unit (i.e. single family home or condo/townhouse) and
2 unit complex up to 100%
3-4 unit complex up to 80%
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Adjustable interest rate base on Prime rate |
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Can only draw money once
(unlike a line of credit)
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