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.

Today’s question is:  Does paying off my collections increase my credit score? 

The answer is: NO, absolutely not.  It acutally hurts your score because when you pay it off, it now shows as being a recent late on your credit report.  The solution is: to negotiate a letter of deletion prior to paying of the collection. 

Example: My sister paid off her collection prior to applying for law school loans and was denied because her score actually went down.  I then stepped in and hired a credit company to help with this mistake.  After several calls with the company, which recorded the collection, we were able to get them to agree to delete this.  However, we did give up our tool for persuading them to delete the derogatory mark by paying it off first.

Please email me any questions to LauraLoans@verizon.net.