A home equity loan can be obtained in a lump sum or used as a revolving home equity line of credit.
A home equity loan can be either of the following:
* A fixed rate mortgage
* An adjustable rate mortgage
A homeowner who requires more money in large amounts usually applies for a home equity loan. Some expenses that make a home equity loan useful are:
* Debt consolidation
* Home repairs
* Medical bills
* College tuition for family members
Sunday, February 18, 2007
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