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5 answers

Home equity loan is a 10 years balloon. Good Luck!

2007-12-20 15:29:50 · answer #1 · answered by reality 6 · 1 0

The terms are what you can substantially afford in repayment. Most lender require a minimum loan amount of $50,000. And the interest rate of the loan, Credit scores, Etc. will all have an effect on the loan. You can get a repayment for a short term of 5 years. Most even will charge you a prepayment fee if paid prior to that.

2007-12-20 16:25:21 · answer #2 · answered by Big Deal Maker 7 · 0 0

I guess it depends on the lender, so it's always important to shop around.

"Common mistakes when applying for an Equity loan Mortgage second

-No knowledge of pre-payment penalty clause

-Not shopping around for the best loan

- Not getting the Good Faith Estimate

-Thinking that home equity loan is fully tax-deductible

-Assuming a home equity loan is cheaper than car loan or credit card

-Pay off credit card balances from home equity line of credit when your expenses are out of control"

I took this from: http://www.insightempire.com/equityloan.htm maybe you can find more helpful information there.

Hope that helps

2007-12-22 03:42:05 · answer #3 · answered by Anonymous · 0 0

It depends on the lender. Usually the term ranges from 5 to 15 years.

2007-12-21 06:34:30 · answer #4 · answered by Debdeb 7 · 0 0

usually around 5 to 7 years. terms have to be disclosed upfront by your bank or simply ask a personal banker what their usual term is for HELOCs.

2007-12-20 14:25:57 · answer #5 · answered by Anonymous · 0 0

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