If you take out a home equity loan or credit line question? VERY IMPORTANT QUESTION?

Answers:1   |   LastUpdateAt:2012-08-23 18:55:02  

Question
CRR
Asked at 2012-08-10 11:47:03
I have no experience in this, but it is very important for me to understand. Do you get something from the capital of your loan will automatically increase your mortgage payment or just push back the repayment terms. I need to know how the process works , for example. If I have 100K in equity and 25k I want to accomplish , how they work. I've been looking online but can not really find anything concrete all I find is sites selling different products. Please only serious answers. Thanks in advance for your advice.
Answer1---Answered at 2012-08-23 18:55:02
This depends on your repayment agreement . Say I pay $ 25K . We can agree that you pay me $ 25K in one payment on or before December 1 . Or we can agree that you will pay back $ 1000 per month for the next 25 months. This is the deal . It is no different with a line of credit . Shop around for terms that work for you .
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