Savings Corner

APRIL 4, 2024

Home equity loans come with fixed interest rates and set monthly payments for the life of the loan. HELOCs (home equity lines of credit) come with variable interest rates and fluctuating monthly payments (like credit cards). A home equity line of credit (HELOC) is also secured. HELOC: What is it?

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Savings Corner

DECEMBER 27, 2023

Lenders typically like to see that you can cover your monthly bills, including any other loan or credit card payments, and have money left over after your new personal loan payment. Many bad-credit online lenders charge an origination fee — a percentage of the loan the lender takes from the loan amount — and it is included in the APR.

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Savings Corner

APRIL 4, 2024

Here’s generally how it works: The lender will do a credit check. You’ll turn in any required financial documentation. You’ll pay for a home appraisal. But there’s one key difference: You use the cash from the equity you’ve built in your home to repay other non-mortgage debt, like credit card balances.

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