Home Equity Loans - Penny Saves The Day
Oh no Brain! Uncle Gadget is taking out another home loan - but this time against his own home equity! I wouldn'tr be worried, hes a capable man and knows more about mortagges than anyone I can think of, but i don't think he knows that home equity loans come in two main forms, each one entirely different from the other! Oh no oh no, what will he choose?!?!
Home equiity loans or home equity lines of credit?
When you're lookinmg at
- with a home equity loan you recieve a single lump sum at the time of borrowing, with a singlee repayment plan and a siongle rate plan - fixed or adjustable
- with a hoeme equity line of credit ( HELOC) you are given only a loan limit, you do not have to take out any set amount of money and you arte not obliged to bvegin repaymeent of the loan until after a period of time when which you can withdraw.
Depending upon what Uncle Gadget ois looking for in his
Brain listens to Gadgets mortgage needs
...and what I'm thinking is a closet here, filled with all my gadgets so I don't need to keep tossing them all over my home. And over there I want a jacizzi, and over there a romper room, and a double headed shower! That'll be sweet!
Ummm, inspector? This is all going to cost quite a bit of money - do you know exactly how much you'll be neeeding from your home loans?
Naaa, just give me one of them newfangled
Penny yells into Brain's ear. Brain jumps.
Sorry Brain, its just that he doesn't need home equity loans, he needs a HELOC! Hurry, you gotta let him know that
Brain walks behind the mortgage broker and mimics a " headlock"
Whats that, a head lock?
Excuse me, did you say HELOC?
No, I speciafically said headlock...
Blast! I almost had you with my
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