Monthly Archives January 2019

Home Equity Loans Vs. Home Equity Line of Credit

Home equity loans are types of loans in which the borrower uses the equity of a home as collateral. The loan amount is then determined by the actual value of the property, which is in turn determined by an appraiser from the lending institution.

These loans are often used to finance major expenses including home repairs, medical bills, college educations, legal expenses, and pay back auto debt, which currently affects 43% of the entire adult population in the United States.

It’s important to note, however, that there are often extra payments and fees associated with equity loans. Here are some fees that could apply for home equity loans:

  • Appraisal fees
  • Annual or membership fees
  • Originator fees
  • Inactivity fees
  • Title fees
  • Early pay-off fees
  • Closing fees
  • Stamp duties
  • Arrangement fees
  • S...
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