* Must keep line open for 36 months. My Mortgage Brokerage. Registered Mortgage Broker - NYS Banking
Department. Loans arranged through third party providers. Not a commitment to lend. Subject to
qualification and approval process. Equal Housing Opportunity.
Department. Loans arranged through third party providers. Not a commitment to lend. Subject to
qualification and approval process. Equal Housing Opportunity.
Not sure which is right for you? Answer the follow questions. Base on your answers on
how you intend to use the money, the following questions can help guide you to choose the
right home equity program.
If you:
then a Home Equity Loan may be right for you.
If you:
then a Home Equity Line of Credit may suit your needs.
how you intend to use the money, the following questions can help guide you to choose the
right home equity program.
If you:
 | need money to pay for a big ticket item in one lump sum (such as for home | |
| remodeling) | ||
| will take longer than three years to repay the loan | |
| want a fixed payment throughout the loan term | |
| shun the uncertainty of adjustable rates |
then a Home Equity Loan may be right for you.
If you:
 | need funds to periodically finance certain recurring expenses (such as children's | |
| tuition) | ||
| want a financial source for emergency use only | |
| want minimal interest-only monthly payment | |
| plan on repaying and re-borrowing multiple times in the next decade |
then a Home Equity Line of Credit may suit your needs.
Choosing between Home Equity Loan and Home Equity Line of Credit
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Home Equity Line