Mortgage versus home equity line of credit? | |
What's a better option over the long term, a mortgage or home equity line of credit?
Answers:
1an equity line of credit you only pay for what you use. if you don't want that much only open it for what you think you will need. it revolving so as you pay it off it is available again. it does give you purchase power because you do not have negociate on finances when making a purchases.
a mortgage you get in one lump some and you pay on full amount.if you have something in mind that you want to purchase and you know the cost and you want set payments then a mortgage maybe right for you.
it depends on the reason behind the refinance. talk to your lender. there are all kinds of different mortgages one may be better suited for you.
watch out for prepayment penalties and variable rates. decide which one will be better for you. be informed ask questions and which ever you choose make sure it is suited for you and your needs.
one is not better than the other as for as product, but one is better than the other based on need.
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