Credit Line Note

Explain the difference between a promissory note, a line of credit, and a revolving credit agreement? Are they mutually exclusive? That is, might one be part of the other?

From the standpoint of the borrower, a promissory note is a debt obligation where the full amount if borrowed at one point in time and the payment obligation and interest are set forth in the note itself. Usually it will be due at some future maturity date, with the note being able to be called during certain contingencies. You may or may not be able to prepay it and it may or may not be secured (i.e., if you default, they may be able to have a priority interest in claiming secured assets or they may be pari passu with other unsecured creditors).

A line of credit is an arrangement where a certain maximum can be borrowed and you only pay interest on the amount borrowed (its sort of like a credit card).

A revolver is a variant of a line of credit where you pay a commitment fee on the maximum amount that may be borrowed and that otherwise is like a line of credit. They are not mutually exclusive in the sense that a revolving credit agreement is a type of line of credit. A promissory note is not a line of credit nor a revolver.

Often when banks lend to companies they'll put together a credit facility that will consist of a set of term loans (so essentially, promissory notes -- set amounts borrowed up front at stated maturities) and a revolver.

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2007-06-25 12:29:02 by collegemomagain

Eve Baker has spent most of the past twenty years in accountancy and finance, sometimes as lecturer and often as non executive director. Of course ...

Should I get home equity line of credit or refinance with cash out?
I want to refinance my home to take advantage of lower interests rates. I also want to renovate my house and fix some things around.

Should I refinance and get cash out to use for home improvement or should I refinance without cash out and get a separate home equity line of credit?

Note: I already refinanced last year and got cash out.

it all depends on where your current loan to the value is at this point. The most cash you can take out at this point is with an FHA insured note and that is 85% loan on the value. If you owe that much or more as the rules changed over the last year then you have no shot at a HELOC or a refinance. If you owe less than that then yes it is a great time to get cash for improvements
I am a mortgage banker in TN

2009-06-01 01:32:15 by Lola

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... not a dispute. A note. Read on for more information.

I recently found out that someone has opened a bank account using my social security number. The bank is investigating the issue.

A representative at the bank suggested that I call each of the 3 major credit reporting agencies and have them add a note to my credit report asking potential lenders to call me any time someone tries to open a line of credit in my name.

How do I follow this advice? How do I go about contacting these agencies?

You can add a 100 word explanation & a fraud alert to all of your credit files.You can order each file from the individual agencies or try www.annualcreditreport.com If you need assistance further, you can go to the individual websites or use www.creditexpert.com

2009-10-01 10:42:09 by BHC

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I should move in my new house in july, how long do i have to wait before i can get a home equity loan? or what is my best option for getting 50K?

I will no car notes, no credit card payments, nothing more than my mortgage and bills that are associated with anew how. I have a fixed rate so im not in the whole.

Im just trying to do some research.

Thanks

Are you making a $50,000+ down payment? There is no minimum time, but you will not be approved for a HELOC that is more than your EQUITY.

2008-04-07 15:56:53 by 79T40P

working in a shipping line.what does credit note & debit note means?thanks for your help

Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi t.html

2007-04-14 23:03:09 by andrealyn g