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talk to me about home equity lines of credit
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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talk to me about home equity lines of credit
i know how hard they are to come by now. we're thinking about it for the future.
i'm interested in how they work--i have no idea!
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Posted 1/17/09 5:44 PM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: talk to me about home equity lines of credit
They give you a line of credit that you can draw on. You only pay for the amout that you have borrowed on. So if you take $25,000 out of yiur line of credit...you pay on that even though your entire line is say $50,000
Its different than a loan because a loan you get the entire amout that you borrow all at one time, where is a line, you CAN draw the entire amt if you want but you dont have to.
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| Posted 1/17/09 7:44 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: talk to me about home equity lines of credit
Also most of them (although there are a few you can find that are fixed) are adjustable rates. If you can't find a fixed rate Line of Credit you might want to do a Home Equity Loan where the rate will be fixed but you have to decide how much you want to take out up front.
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| Posted 1/18/09 8:46 AM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: talk to me about home equity lines of credit
thanks!!!!
what are the terms of repayment? it's not 30 years is it? can you pay it off ahead of time? do you get it through your mortgage company or someone else?
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| Posted 1/18/09 9:02 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: talk to me about home equity lines of credit
Posted by browneyedgirl
thanks!!!!
what are the terms of repayment? it's not 30 years is it? can you pay it off ahead of time? do you get it through your mortgage company or someone else?
We have a line of credit and it is for 30 years. We have 10 years to draw on it and then pay it back for the other 20. We are paying on it now since we used the LOC for our other 10% down payment to avoid PMI.
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| Posted 1/18/09 12:51 PM |
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