ANDY777 asked:
I am applying for a home “EQUITY LOAN” how does that differ from a regular mortgage? & does experian look at it the same when calculating there “credit scores” ? ( I know they look at “EQUITY LINES OF CREDIT” negatively if used to the max.
EFREN
I am applying for a home “EQUITY LOAN” how does that differ from a regular mortgage? & does experian look at it the same when calculating there “credit scores” ? ( I know they look at “EQUITY LINES OF CREDIT” negatively if used to the max.
EFREN
JOSHUA
A “regular” mortgage is a first lein on your home. It is usually for a set amount at a set or variable interest rate for a set number of years. A home equity loan is usually a line of credit against the unused equity in your home and is second (or third) in line after the first mortgage. The interest rate is usually variable and the line of credit can be drawn down and/or repaid as needed.