What You Should Know About Home Equity Lines of Credit (Package of 100) (Revised 2014)

What you should know about Home Equity Lines of Credit

If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however, you should weigh carefully the costs of a home equity line against the benefits.

Shop for the credit terms that best meet your borrowing needs without posing undue financial risks. And remember, failure to repay the amounts you’ve borrowed, plus interest, could mean the loss of your home.

Other Related Products:

Shopping for Your Home Loan: Settlement Cost Booklet: S/N: 048-013-00005-8 

Home Equity Plan Checklist ............................................................ 2
What is a home equity line of credit? ................................................3   
What should you look for when shopping for a plan? ........................4   
Costs of establishing and maintaining a home equity line .............. .....5   
How will you repay your home equity plan? .....................................6   
Lines of credit vs. traditional second mortgage loans ........................8   
What if the lender freezes or reduces your line of credit? ............ ...10
Glossary .......................................................................................A1
Where to go for help .....................................................................A4
More resources ............................................................................A7

Written in plain, straightforward language, this publication is a must-have for potential home buyers, realtors, mortgage brokers, bankers, and others who need to explain the home loan process.