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The difference between home equity loan and home line of credit.

Finance

The difference between home equity loan and home line of credit.

The difference between home equity loan and home line of credit. Once you have built up equity in your home, you have the privilege of applying for a home equity line of credit, which allows you to borrow the money you need. Most financial insititutions ( banks, savings and loans ) have entered the home equity market, so you have plenty of options when you shop for the best loan. In effect, a home equity loan is a second mortgage on your home. You usually get a line of credit up to 70 percent or 80 percent of the appraised...

Smart Uses For A Home Equity Line Of Credit

Finance

Smart Uses For A Home Equity Line Of Credit

Smart Uses For A Home Equity Line Of Credit For decades, homeowners across the country have reaped the benefits of a variety of home equity loans. In general, interest rates on these loans are lower than those attached to most credit cards and unsecured personal loans. At tax time, home equity borrowers often enjoy a substantial break by deducting the interest paid on their loans, up to 0,000. Home Equity Loan Basics There are two types of home equity loans. The most conventional (sometimes called a “second mortgage”) is paid in a lump sum, with a fixed interest rate and...