Answers
Are both legal in Texas?
A home equity loan is where you borrow a certain amount of money one time. For example, $20,000, the lender then amortizes that over a period of years with equal monthly payments as these are typically fixed rate loans. You pay the loan down but may not borrow it back. The equity line of credit is an actual line of credit meaning you may get a $20,000 line however, you can pay it back and borrow back up to the $20,000 at anytime. Typically these are interest only payments for the first 10 years and then amortized over 15 years after that. The interest rate on these is typically Prime (currently 8.25%) + a certain percentage over that. This rate is adjustable a fluctuates with Prime. Yes both are legal.
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Home equity loans or Home Equity Line of Credit | home equity loan ...
Principal initial loan credit usually come without closing costs. They are tied to the prime rate and is adjustable in order. Rateis regulated, not what the prime rate. This is essentially a credit card linked (credit line) for your property. While prices are attractive now, only 3 years, rates of around 9%.
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Special Report: America's route to recoveryReuters - Dec 30, 2009
Special Report: America's route to recoveryThat equates to 12.4 million single-family homes with mortgages in negative equity, Zillow.com said. Real estate gains have been a major source of wealth and more »
Right Side News - Dec 30, 2009
If you look at the amount of on-shore natural gas drilling in Texas, you can go to these places on the web that will show you all the little dots where and more »Sacramento Bee - Dec 30, 2009
"We're a national credit tenant, which means we pay our bills," Chabris said. 7-Eleven has been lying low for years, said Bill Coyle, managing director of and more »CNNMoney.com (press release) - Dec 15, 2009
We reported net income of $0.30 per share and generated positive cash flows, even after paying down our line of credit and debt by $4.7 million and and more »Bloomberg - Dec 18, 2009
Kraton estimated it would have a so-called tangible book value, a measure of shareholder equity that excludes assets that can't be sold in liquidation, and more »Wall Street Journal - Dec 15, 2009
The firm recently obtained $50 million in growth capital from private-equity backers and stretched its line of credit with a consortium of banks by another and more »Hillsboro Argus - OregonLive.com - Dec 04, 2009
It's impossible to tell from the public record how much Gerding Edlen borrowed on that line of credit. But given the amount of equity Gerding Edlen and and more »