Whatever choice you make, you?ll want to shop around to find the most favorable rates and terms. Here are a few things to consider:
1. In an effort to attract your business, a lender may be willing to absorb or waive some or all of the costs (e.g., application fees and points) of obtaining the financing
2. The frequency of variable interest rate adjustments and any caps on rate increases will affect the overall cost of a home equity line of credit
3. If you?re considering a home equity line of credit, find out if you have the option to convert the line to a fixed-rate, fixed-term loan in the future
4. Verify there are no pre-payment penalties.? Making extra principal payments monthly can save many thousands of dollars of interest expense over the life of the loan.
5. When comparing a home equity line of credit to a home equity loan, don?t rely solely on the annual percentage rate (APR) as a measure of cost, because the APR for a home equity loan takes points and financing charges into consideration while the APR for a home equity line of credit does not
Source: http://dollarwiseblog.dallasnews.com/2012/10/shop-around-for-the-home-equity-deal.html/
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