If you would rather take money at a fixed rate than a variable rate
then a home equity loan standalone second is the loan for you. A
traditional home equity loan has many different period lengths that
it may be acquired for. You may get a 5, 10, 15, 20, or 30
year loan. Most home equity loans are at there fully amortized rate
from the beginning, there is no additional draw period but you still
can have the option of interest only payments like a line of credit
with the longer term loans. With a home equity loan you can borrow
up to 125% of your homes appraised value.
Quick Loan Overview and Guidelines
(chafrl, ihe, hlm)
- 5 Year Period (5 Years Payback)
- 10 Year Period (10 Years Payback)
- 15 Year Period (15 Years Payback)
- 20 Year Period (20 Years Payback)
- 30 Year Period (15 Years Interest Only / 15 Years Payback)
- Fixed Interest Rate Loan (Variable
Rate Home Equity Line of Credit)
- Can be behind a Negative Amortizing 1st Mortgage
- No Bankruptcy's in the last 36 Months
Is this not the loan you are looking
for? Look Here.
-
Zero Cost
Home Equity Line of Credit
- New Homeowner Home Equity
Line of Credit
- No Income Verification Equity Line
- Bad Credit Home Equity Loan
Advantages
- Tax deductible up to $100,000
- Interest rates are fixed
- Ability to borrow 125% of your homes value
Disadvantages
- Interest rates are usually higher
than a Home Equity Line of Credit
- Fixed end loan so you cannot keep
borrowing money as needed
- Harder to qualify for
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