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Is it better to obtain a home equity line of credit or a home equity loan? |
Is it better to obtain a home equity line of credit or a home equity loan? That depends completely on how much of the money you are going to be using, and how long you expect to need it. On a HELOC you will be tied to prime (7.5%), and the rate will change every time the prime rate changes. the benifit of hte HELOC is that you only pay interest on the amount you have pulled out. Some lenders will require the full amount to be pulled for the first month or more. There is typically an annual fee associated with this type of loan. The are also usually interest only. An HEL will be a fixed rate loan typicaly amoritised over 30 years, but needs to be paid off or refinanced in 15 (30/15). You get all of your money at once, and pay interest on the full amount. This is often good for people who are going to be using the majority of the loan amount anyways. They can be interest only. Source(s): ASK Financial Services keith.ader@westgatedirect.com |
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