Thinking about the equity loan?
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jermaine
Apprentice
Joined: 16 Aug 2005
Posts: 6
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 Posted: 04/22/08 - 05:42 Post subject: |
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| I have recently been thinking about getting a new residential property. In order to have enough funds to finance it, I would like to get a loan from a bank. I was thinking about equity loan, but I am not sure if it is a good option. If anyone could tell me, that would be great. Thanks in advance. |
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brent
Apprentice
Joined: 26 Oct 2007
Posts: 3
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| Posted: 05/22/08 - 00:54 Post subject: |
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| When it comes to personal equity loans, these can be pretty tricky ones. You practically pay interest to your loan, which means you have to return more than you borrowed. If you cannot follow up with your payments, a collateral can be used to settle the debt. In the case of an equity loan, your home is the collateral. That is, the value (equity) of your home is used to cover any possible debts you have. Now, if you have a good equity, and expect to have steady source of income, that can be a great deal, as you will certainly get a good loan. However, if your future is financially not clear enough, wait until that is the case. I hope you find the info helpful. |
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