Home Equity Loan or Home Equity Line of Credit?
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jamal
Apprentice
Joined: 23 Feb 2008
Posts: 2
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 Posted: 07/08/08 - 10:40 Post subject: |
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| I have recently been thinking about getting a loan. It seems to me that the best way to buy a house is such a solution. However, I would like to know whether I should take home equity loan or home equity line of credit. Such an information could help me a lot, so if anyone could tell me, I would be grateful. |
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de witt
Apprentice
Joined: 19 Oct 2005
Posts: 5
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| Posted: 08/15/08 - 01:01 Post subject: |
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| The mortgage system works as any loan. You need to have enough money to make a deposit, and good enough salary to follow up with the payments. With a good credit rating, and a good history, you should get good deal because of your credibility. Now, an equity line of credit is a great way for both you and your bank to profit. You get good credit with low interest rates, while banks get a safe borrower and very little risk involved. It is better than the simple equity loan, which does not offer as good terms. |
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