Home equity loan is a 10 years balloon. Good Luck!
2007-12-20 15:29:50
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answer #1
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answered by reality 6
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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
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answer #2
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answered by Big Deal Maker 7
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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
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answer #3
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answered by Anonymous
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It depends on the lender. Usually the term ranges from 5 to 15 years.
2007-12-21 06:34:30
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answer #4
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answered by Debdeb 7
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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
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answer #5
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answered by Anonymous
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