Are home equity loans 30-year loans, or do they have a shorter term?
What Is The Term For A Home Equity Loan?
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5 Responses to “What Is The Term For A Home Equity Loan?”
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It varies, but the most common are 30. To answer your question yes there are shorter terms. Which obviously would mean a higher payment and probably an adjustable rate. from jeff the loan agent
the most popular are 30 years, but you have 10 years withdrawal period and you have to pay it off for remaining term.
As housing market continues to slump, if you don’t plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn’t add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won’t appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
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Articles about current market:http://money.cnn.com/2006/09/25/news/eco...
5,10,15,20,25,30 years are all typical terms for a home equity loan.
I got one a few years ago. Mine is 10 years. There were a number of choices available when I got my loan. I believe from 5 years on.