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Hi SupraForum :) I'm ControlledAnger's girlfriend wanted to ask a quick question about getting a loan. Does anyone know anything about Home Equity Line of Credit or Home Equity Loans? How they work, what the pros and cons are to them, and the stipulations for getting X amount of money through them. If you do and would you be able to explain it, I would greatly appreciate it. Thanks!
 

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you are barking up the wrong tree here, especially in the technical section. if you had access to the off topic section, which you dont, this would be the place for that. you are better off talking to your bank about this rather than the grease monkeys here on SF tech threads. you might also want to contact a mod to move this to the general section where you MIGHT get a better response, but i doubt it, at least not serious ones.
 

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Typically the banks will give you up to 70% of the value of your home as a loan. Take a $100k house for example. If your home was paid off you could borrow up to 70k against your house at the given rate.

If you still owe 80k on your house, you won't be able to get a heloc.

A line of credit is just that, when you need it you draw it but the rate is variable. A home equity loan is a fixed amount so you would have to take it all at once.
 

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Typically the banks will give you up to 70% of the value of your home as a loan. Take a $100k house for example. If your home was paid off you could borrow up to 70k against your house at the given rate.

If you still owe 80k on your house, you won't be able to get a heloc.

A line of credit is just that, when you need it you draw it but the rate is variable. A home equity loan is a fixed amount so you would have to take it all at once.
hi you must be new here... don't feed the trolls or dumb newbies
 

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Sorry, had a supra since 2008, just got another one. On a side note, I grew up in Omaha. Are you from there or did you move there?
 
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