About Home Equity Loans
understanding the product features or home equity loans
Home equity loans are fixed-rate loans repayment plans from 10-15 years. You will be advanced a loan based on the LTV value of the home. It will be classed as a second mortgage against your home.
equity loan product features
One-Time Advance
The money is advanced to you when you close your equity loan This advance is an one-time loan, with no further advances made on your account.
equity loan product features
Fixed-Rate Loan
Equity loan rates are fixed and set by the bank. The rate will not go up or down during the repayment period of the loan.
equity loan product features
Monthly Payments are Fixed
Your monthly payments are fixed. The amount and number of payments depend on the repayment terms of your loan. Lenders offer a range of repayment terms, generally from 5-20 years.
equity line product features
Repayment Terms
You may payoff your equity loan at any time. You need to check the lender's prepayment terms. Some lenders will charge a prepayment penalty under certain circumstances.
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