Home Equity Line Of Credit Loans
Questions & Answers
Fast Facts About Home Equity Line Of Credit Loans
Using a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit line loans in a variety of ways.
You will find most home equity credit line loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find home equity credit line loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments.
No one loan is right for every homeowner. The challenge is to contact different lenders, compare options, and select the home equity credit line loan best tailored to your needs.
Be sure to review the home equity credit line loan contract carefully before you sign it. Do not hesitate to ask questions about the terms and conditions of your financing. To help you do this, you may want to consider the following facts and questions.
Home Equity Credit Line Loan Facts:
- When opening a home equity credit line, expect these expenses: an application fee, title search, appraisal, attorneys' fees, and points.
- A "discount" rate is a low, introductory interest rate that usually lasts only six months. Find out what the rate will be at the end of that period.
- Most credits lines have variable interest rates. If the interest rate goes up, so does your monthly payment.
- Some lenders charge continuing fees, such as transaction fees each time you borrow money.
- When you open a home equity account, you have three days to cancel the transaction, for any reason. You must cancel in writing.
More in the next section...Next: Is a home equity credit line loan right for you?
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