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How do u get a equity loan? adult content

How do u get one and how does it work? My house need major work.

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mamaofficer

Asked by mamaofficer at 4:37 PM on Apr. 15, 2011 in Money & Work

Level 31 (50,120 Credits)
Answers (5)
  • go to a bank....?
    mommy_of_two388

    Answer by mommy_of_two388 at 4:41 PM on Apr. 15, 2011

  • Thanks
    mamaofficer

    Comment by mamaofficer (original poster) at 4:47 PM on Apr. 15, 2011

  • Well the bad news,, right now they are hard to get,, the good news if you have alot of equity in your house, or it is paid for in full, you won't have much trouble. Depending on what work you need done and if you can't get the equity loan, some contractors do work on a payment plan,,roofs, siding,, and some major plumbing can be financed right now, but be CAREFUL who you do it with, only someone who has a glowing report with the BBB---I hope this helped!
    kimigogo

    Answer by kimigogo at 4:53 PM on Apr. 15, 2011

  • Well, if you are truely wanting an equity loan there are 2 types- revolving (like a credit card) and close ended. A close ended loan you take the full amount up front and cannot borrow against it ever again. Revolving youc an take a little now and if you need more you can take some later as long as you do not go over the full amount of the loan. As well, A close ended loan has a set maturity date such as 10 years. Revolving the payment will change depending on the amount and can have a balloon payment at the end when it matures. These are typically adjustable rates but some companies have fixed. The rate will depend on the "loan to value" or how much equity you have in your home. These loans are usually considered second mortgages as well. I use to be the president of an HSBC branch so I know a little bit about them. Great thing is, the interest will be tax deductible! Good luck!!!!
    wendydays

    Answer by wendydays at 4:55 PM on Apr. 15, 2011

  • Thanks ladies
    mamaofficer

    Comment by mamaofficer (original poster) at 7:59 PM on Apr. 15, 2011

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