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|  | | Home Equity Line of Credit |
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|  | | 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. |
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|  | | 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. |
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|  | | 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. |
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|  | | As easy as writing a check for $250 or more. |
|  | | Entire balance received at once. |
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|  | | Lower interest rates than most unsecured credit lines (i.e., credit cards). |
|  | | Low payment options available through a variety of terms. |
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Tax Advantages (Ask your tax advisor.) |
|  | | Interest is up to 100% tax-deductible. |
|  | | Interest is up to 100% tax-deductible. |
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|  | | Good safety net for unexpected expenses or emergencies. |
|  | | Excellent choice for one-time planned expenses or to consolidate debts you already have. |
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