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summary: home equity loans
Four (4) quick notes about home equity loans
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Loan Amounts
- open a line of credit up to your approved LTV level calculate how much you can borrow
- pay minimum monthly payments or any additional amount when you have extra cash
- pay down the account to zero with no prepayment charges and reuse the line over again up to your approved available balance
- deduct interest charges from your taxes if you qualify
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Loan Qualifications
- satisfactory credit history required
- you must have equity value in your home for best rate and terms
- payment begins 25-30 days after opening your account
- pay minimum monthly payments or any additional amount when you have extra cash
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Interest Rates
- rates are variable and subject to your LTV position
- rates based on prime rate plus a margin
- the margin is determined by the applicant's credit strength.
Helpful Tools
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College Aid Topics
Key topics on college aid issues:
Student Financial Aid (summary)
