Sentences with phrase «repay on a home equity line of credit»

First, failing to repay on a home equity line of credit means the financial institution has rights to recoup losses from the home itself.

Not exact matches

The longer a homeowner waits to repay a home equity line of credit balance, the more interest will accrue on the account that will need to be repaid over time.

At present, they pay $ 243 interest on the mortgage, repay $ 269 on the principal, and $ 400 in interest on a home equity line of credit (HELOC).

Remember, if you can't repay your home equity line of credit, the bank can foreclose on your home.

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Between the end of 2003 and the end of 2007, outstanding debt on banks» home equity lines of credit jumped by 77 percent, to $ 611.4 billion from $ 346.1 billion, according to FDIC data, and while not every loan requires borrowers to start repaying principal after ten years, most do.