Home Equity Loan
Home equity loans have become an important way to finance many "lifestyle" choices of consumers, education, and allow consumers to recover equity without the sale of their home. A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types, closed end and open end.
1. Closed end- Buyer receive fixed rates and a lump sum at closing time and are unable to borrow further.
2. Open end- Buyer has the option of when and how often to borrow against the equity of the property (lender sets initial limit).
Related Products
May 22, 2012
Price: $249.00
May 30, 2012
Price: $199.00
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