Is a consolidation loan secured by one’s house?
Is a consolidation loan in the range of 0,000 — 0,000 secured by a person's home?
Also why are the rates of home equity loans more than home equity lines of credit even though they pretty much the same thing?
Thank You
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By N2H
A consolidation loan for $100K to $200K generally is secured by a person's home. For your 2nd question, Home Equity loans are a little different from a line of credit. The Home Equity loan is a lump sum loan. For exampled if you applied and got approved for a $50K loan , they would give you the $50 all at once. The line of credit is really designed for you to use when you need. Generally you only be taken a few thousand at a time. Since the risk is greater for a lender to lend out $50K all at once, that's why the rate is higher.