Part of the nBuy Life Event Network

Our home planning centers: 

----- quick product features summary -----

home equity features

repayment terms

Home Equity Line of Credit
You can choose how much to pay each month when your statement comes due.

You can pay the minimum amount, the entire amount, or any amount in between. This is one of the greatest features of the home equity line of credit.

The minimum amount required may vary by lending institution. Make sure that the minimum payment required pays the entire interest charges for the month. You want to avoid negative amortization — this is where the payment does not cover interest charges for the period and any unpaid interest is added to your borrowed amount.

Home Equity Loan

Most lenders allow you to select the repayment term in months.

It may vary by your LTV position and the amount your borrow. Most terms range from 120-240 months (10-20 years).

There are a few exceptions where you can get longer terms.

Account Access Period

Home Equity Line of Credit
Varies by lender. Many lenders allow access to your account for up to 5-10 years with a renewable option.

If you choose not to renew, or if you fail to meet the renewal requirements, the line will close and the remaining balance will be due.

Some lenders will amortized your remaining balance over a fixed repayment period of 10-20 years. Again, this may vary by lender.

If the lender does not allow amortization at the end of the draw period, you will need to pay the balance due or face foreclosure on your home.

Home Equity Loan

Annual Percentage Rate

Home Equity Line of Credit
The Annual Percentage Rate (APR) is calculated by taking a margin and adding it to an a rate index, usually the PRIME RATE. The rate may vary. Maximum and minimum APRs vary by state.

Home Equity Loan
The Annual Percentage Rate (APR) is a fixed rate determined by the bank. The APR will not vary as it may with the Home Equity Lines of Credit.

More Information

----- end of product features summary -----