Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.
It would depend on who you do the loan with. if it's a good product I'd recommend the line of credit. one advantage is you'll be able to reuse the money later if you need to. For example let's say five years from now you've paid off the credit card debt and you need to buy a new car, or do home repair, or any other debt need comes up. With the line of credit you can re-borrow the money without having to apply again, without having to wait for the application to go through and without paying any fees associated with getting the loan.
Another advantage is you aren't locked into a set payment schedule if you don't want to be. you should be able to lock your rate on a line of credit and it'd work like the loan you're considering. but you don't have to do that. if you want the ability to pay more or less each month you can do that on the line of credit, but not on the loan.
A home equity line of credit is the best. It is fast getting this kind of loan from Trust Loans. I was surprise how easy i got approved for the loan when I applied few months ago. Here is the firm email address:
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