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Home Equity Loan Vs. Home Equity Lines Of Credit

FirstConvenienceBank
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Home Equity Loan Vs. Home Equity Lines Of Credit

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  1. Home Equity Loan vs. Home Equity Lines Of Credit Borrowingagainsttheequityofyourhomerequires thoroughunderstandingofhomeequityloansand homeequitylinesofcredit. In home equity loan, the borrower receives a lump sum amount with his home as collateral. With home equity lines of credit, a homeowner can borrow money up to a pre- determined limit as & when required. Borrowers have to make fixed monthly payments in case of home equity loans. In case of home equity lines of credit, the monthly payments can be variable. Qualification for home equity loan is based on home’s loan to equity ratio, payment term, income & credit history. Applicants for home equity line of credit are approved based on their homes appraised value, income and other details. FirstConvenienceBank www.1stnb.com Banking services are extended throughout Texas, New Mexico & Arizona Image Source: Designed by Freepik All loans and collateral subject to approval First National Bank Texas | NMLS #402924 | Member FDIC | Equal Housing Lender

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