Choose the Right Home Equity Financing :

A Home Equity Loan or Home Equity Line Of Credit?

I will suggest to consider the next 3 steps in order to answer this question correctly:

ONE TIME EXPENSES:

Step 1: What do you need the funds for?

The down payment on a property. Bills/Debts consolidation. A major purchase like a new car/yacht.

Step 2: Which features and payment options would you prefer?

Fixed interest rate & term. Fixed monthly payments. Proceeds in one lump sum.

Step 3: What is the best home equity financing option?

HOME EQUITY LOAN : Fixed rate, fully amortized 5 to 30 years terms. Loan amounts from $20K to $1 million.

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ONGOING EXPENSES:

Step 1: What do you need the funds for?

Home improvements. Education or medical expenses. A wedding or a new baby.

Step 2: Which features and payment options would you prefer?

Access to available credit as needed. Re-use funds without reapplying(up to credit limit). Low monthly payments.

Step 3: What is the best home equity financing option?

HOME EQUITY LINE OF CREDIT : Variable interest rate with option to convert all or a portion of the outstanding balance to a fixed rate advance. Line amounts from $10K to $1 million.

**Information is accurate for blogging date, and is subject to change without notice.**

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