What type of home equity loan

For example, Discover offers 10, 12, 15, 20 and 30 year home equity loans. The features of the loan are similar regardless of the length, but the difference comes in with monthly payments and the overall cost of financing as longer term loans may have higher APRs. There are four main factors to consider in choosing the right loan term for you: what you can qualify for, the monthly payment, APR, and the total interest cost. It may be worth it to you to pay some extra in financing to have a lower monthly payment.

But, if there is room in your budget for a higher monthly payment you can save money in interest over the long term. Talk with a Personal Banker to learn more about the differences between home equity lending options. These professionals can help you determine what you can qualify for and which term is the best fit for your finances.

Loan Amount Calculator. Debt Consolidation Calculator. Affordability Calculator. Mortgage Refinance Calculator. Cash Out Refinance Calculator. Application Checklist. Skip to content. Get Started. Age from 18 to Monthly personal income of at least VND 10 million. Required documents.

Loan application form original copy. Identification card a certified copy or the original ID to be crosschecked at the bank. The date of issuance of the ID card must not exceed 15 years with identifiable details and photo.

Marital Status certificate. Copy of purchasing house ownership certificate. Proof of income. Copy of other asset ownership certificates if any. Useful information. How to apply. Apply online. Apply by phone. Call us on:. Frequently Asked Questions What are the current applicable interest rates? During the processing of my application, do I have to pay any fee? Fees related to your application include: Property valuation fee of VND 1,, at the minimum VAT exclusive and subject to the independent valuation company and the fee may vary depending on location of the property.

What is the maximum amount that I can borrow? Lenders may not be so willing to work with you if you have ignored their calls and letters offering help for months. When it comes to what the lender can actually do, there are a few options. Some lenders will offer certain borrowers a modification of their home equity loan or line of credit. Modifications can include adjustments to the terms, the interest rate, the monthly payments, or some combination of the three, to make paying off the loan more affordable.

Note that extending the term of the loan will lower the monthly payments, but it may mean you pay more in the end. There is some protection if you are struggling to pay your mortgage due to the coronavirus pandemic. While the Supreme Court rejected the CDC's latest extension of its previous moratorium on evictions and foreclosures, there is still help available.

Treasury Emergency Rental Assistance program which is still being distributed to those in need. The National Low Income Housing Coalition provides a searchable list of all the programs available on its website.

Some states have instated moratoriums of their own. Consult the Treasury's list of rent relief programs in your state to know your options. The government has also encouraged all loan servicers to help prevent foreclosures via mortgage modifications and other relief options. Please check with your mortgage service provider—or the company that receives your mortgage payments—to determine if your mortgage loan qualifies for the moratorium program.

Thieves may be able to fraudulently acquire these accounts and siphon out thousands of dollars by stealing identities and fooling lenders. Criminals get your personal information through public records. Next, they establish a HELOC internet account and manipulate the customer account verification process in order to get funds, which of course they never repay.

Some thieves may also hack into existing accounts. Identity-theft experts have found that victims learn about the crimes only when the financial institution calls them about the late payment, they receive written notification of late payment, or a marshal shows up at their home to evict them. To reduce your risk, watch your HELOC statements closely and follow your credit reports for any inaccurate information.

Mortgage lending discrimination is illegal. There may come a time in your life when access to extra cash becomes a necessity. If so, a second mortgage can be a compelling option.

However, the extra loan payment that comes with a home equity loan or HELOC should be factored into your monthly budget. Also, it's important to note that a second lien is placed on the home by the bank. As a result, if you're unable to make the payments, your home could be at risk for foreclosure. Accessed Sept. Consumer Financial Protection Bureau. Wells Fargo. Federal Reserve Board. Internal Revenue Service. Federal Trade Commission.

Department of the Treasury. National Low Income Housing Coalition. Home Equity. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses.

Part Of. Tapping Your Home Equity. Home Equity Loan. Home Equity Line of Credit. Other Ways to Tap Home Equity. Table of Contents Expand. Equity Loan Basics. Equity Loan Eligibility. Home Equity Loans.