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Home Equity Loans/Liens of credit

IHateMyJob2004

IHateMyJob2004

Lifer
I was just dabbling into the rates for home equity loans and lines of credit. trying to get a general idea of the rates offered.

Is it safe to say that the rates for lines of credit are about the same as home equity loans? I could only find rates for the home equity loans. At 6.25%, I might get a line of credit started.

Also, hoqw long of a period of time is it till borrowed money would be paid off if I were to make minimum payments (not he likely scenario)?
 
I jsut checked local rates. With my credit rating, I should be able to do 0.25% below prime. Which is 4.75% right now.

Not bad. I think I might swing by an open up the line of credit.
 
Originally posted by: Tooncesthedrivingcat
Originally posted by: IHateMyJob2004
Originally posted by: Tooncesthedrivingcat
Originally posted by: Tooncesthedrivingcat
Do you know how much equity you have in your home?
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I own over half of it. I'd estimate that it is 55% paid off.
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pretty good for today's environment.
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Well, it's my third home. All 3 have been fixer uppers. If I move again, I'll probably be in a very nice home and own 80% of it.

I'll tell you what though, it takes blood sweat and tears(literally) to do what I did over the past 5 years.
 
Originally posted by: IHateMyJob2004
I was just dabbling into the rates for home equity loans and lines of credit. trying to get a general idea of the rates offered.

Is it safe to say that the rates for lines of credit are about the same as home equity loans? I could only find rates for the home equity loans. At 6.25%, I might get a line of credit started.

Also, hoqw long of a period of time is it till borrowed money would be paid off if I were to make minimum payments (not he likely scenario)?
Click to expand...

Yes, they are the same thing. A Home Equity Line of Credit (HELOC) is a line of credit that is secured against the equity in your house. It is basically a second mortgage.

You can possibly get a line of credit on other things or even unsecured but that's less common.

The length of time it takes to pay it off is totally dependent on the terms of the line of credit.
 
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