Equity Line vs. Equity Loan-What’s the difference based on today’s rates? September 8, 2006
Posted by LauraLoans in Blogroll, credit, equity loans, home equity, loans.3 comments
This was an email sent to my client today:
The equity loan is a 30-yr loan due on the 15th year. There are shorter terms available such as due in 5 years or 10 years. The rates are as follows:
For a $50,000 loan the rate would be between 8.085% and 9.085% with a payment of $369.85 to $405.37.
For a $75,100 loan, the rate would be between 7.565% and 8.565% with a payment of $527.75 to $580.14.
An equity line is adjustable and has an interest only payment.
The rate would be approx. 8.50% and the payment would be $354.17 for $50,000.
Let me know what else I can help you with.
