 | | | | |
| | | Home Equity Line of Credit |
| | |
| | | | |
| | | Borrow money as you need it?up to the credit limit. Each time you pay principal it frees up that amount of your credit line for later use. |
| | | Get entire loan amount right away as a lump sum. Cannot reuse this loan. |
|
| | | | |
| | | Variable rate.The rate varies monthly based on prime rate as published in The Wall Street Journal plus a margin. |
| | | Fixed rate. Payment stays the same for the entire term of the loan. |
|
| | | | |
| | | Varies monthly with rate and depends on how much you've borrowed against your credit line. During the 5 or 10 year draw period, you have the flexibility to pay interest only. After the draw period, your principal and interest payment vary to pay off the loan in the remaining years. |
| | | Principal and interest payment remains the same over the life of the loan. |
|
| | | | |
| | | As easy as writing a check for $250 or more. |
| | | Entire balance received at once. |
|
| | | | |
| | | Lower interest rates than most unsecured credit lines (i.e., credit cards). |
| | | Low payment options available through a variety of terms. |
|
| | | | |
Tax Advantages
(Ask your tax advisor.) |
| | | Interest is up to 100% tax-deductible. |
| | | Interest is up to 100% tax-deductible. |
|
| | | | |
| | | Good safety net for unexpected expenses or emergencies. |
| | | Excellent choice for one-time planned expenses or to consolidate debts you already have. |
|
Equal Housing Lenders. © 2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or its subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.