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Mary~ Thank you so much for helping me start a doable financial plan. I felt a weight lifted after our meeting. But more importantly thank you for inviting me to the meeting last night. It was just what the doctor ordered. I was feeling a lot like Catherine Ponder in her introduction (even though my situation is not nearly as dire) yesterday. But being in the presence of so many posotive women, my mental chatter has cleared significantly and I'm back to focusing on what I want. Plus, of course I have to say a special thank you to incorporating PPL into the meeting. Four ladies asked me to set appointments with them to sign them up! That's an extra $800 in my pocket thanks to you! |
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—Dia Lautenschlager.
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A Home Equity Loan:
A second mortgage loan: This type of loan provides you with a fixed amount of money repayable over a fixed period. Generally the loan calls for equal payments that will pay off the entire loan within that fixed time.
A Home Equity Line of Credit
A home equity line is a form of revolving credit in which your home serves as collateral. Many homeowners prefer to use their credit line for items such as education and home improvements, not for day-to-day expenses. With a home equity line, you will be approved for a specific line of credit. That amount is the maximum you can borrow at any one time while you have the credit line.
Home equity plans typically include a fixed time during which you can borrow money, such as 10 years.
Once approved for a line of credit, you will typically be able to borrow up to your credit limit whenever you wish.
APR and Equity loans
- The APR for a traditional mortgage takes into account the interest rate charged plus points and other finance charges.
- The APR for a home equity line is based on the periodic interest rate alone. It does not include points or other charges.
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The Mary Hendrickson Home Team - Site Map
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