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Which is better for your credit report - A home equity line of credit or a second mortgage? |
Which is better for your credit report - A home equity line of credit or a second mortgage? Honestly, neither are good for your credit but the lesser of 2 evils is the fixed home equity loan (second mortgage). Lines are like big credit cards secured by your home and is revolving. Any revolving debt is bad for your credit if it's not that strong anyways. You would be better of refinancing your first mortgage and taking the equity out as cash. |
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