Equity Home Loan
Learn more on Equity Home Loan.
If you need extra money to settle you credit card's debt, school fees, personal loans. Equity Home Loan may suit to you. It sometime also referred as second mortgage.
There are two types of these loans. Which is fixed rate loans and line of credit, the repayment period for both products generally range from 5 to 15 years.
This loan became more popular and attractive is based on the following reasons :-
1) It is easier to qualified for the loan even you are carrying a bad credit.
2) Routine payments made might be tax deductible.
3) The interest rate of this loan is typically lower than other loans.
4) The loan amount for this loan can be larger than other loans such personal loans, cash loans, car loans and etc.
Important facts need to be know for this loan
- Terms and interest rate, must be check properly will it change during the repayment period.
- Term of payment, make sure you know exactly how long & how many times of the installment.
- At the end of the payment, you must check whether is it lump sum payment, is it clear & over (paid completely).
- When the fund will be receive by you after approved & how long to process the loan.
- Under what circumstances the lender can call for early settlement. Some lenders may require borrower to do early settlement if they defer the payment.
- How much of the fees associated with the loan, what is the total figure.
- Is there any penalty if borrower pay off all before the end of the term.
Get to know more knowledge of the loans will reduce your risks and guide you to make a right choice.
If you wish to learn more about the home loans, I suggest you to check out
125% Home Loan instead of Equity Home Loan
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