Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With so many people deciding to cash in on their home's equity value, it seems sensible to review the factors that should be weighed in choosing between out a home equity loan (HEL) or a home equity line of credit (HELOC). In this article we outline three principal factors to weigh to make the decision as objective and rational as possible. But first, definitions: A home equity loan (HEL) is very similar to a regular residential mortgage except that it typically has a shorter term and is in a second (or junior) position behind the first mortgage on the property - if there is a first mortgage. With a HEL, you receive a lump sum of money at closing and agree to repay it according to a fixed amortization schedule (usually 5, 10 or 15 years). Much l
StratfordMortgageBroker.ca - Mortgage Wellness Subscribe to this News Feed
Comments
information on mortgage broker license then drop by the site above and check it out.
information on mortgage interest then drop by the site above and check it out.
information on mortgage broker license then drop by the site above and check it out.
bookmark your site for future reference and reading. Should you ever need it, you can get specific information about mortgage banking at the site above.
information on mobile home mortgage then drop by the site above and check it out.
information on best refinance mortgages then drop by the site above and check it out.
information on interest only mortgage calculator then drop by the site above and check it out.
If you do not mind I will snag your blog and put it in my favorites. I read a ton of stuff on here that interested me. Keep blogging away :-)