Anybody looking at equity loans as a means of borrowing would be wise to compare the rates for equity loans, refinancing as well as credit lines. This is because loans more often than not come with either a prime, fixed or variable rate.
Refinancing is usually a better option than home equity loans or credit lines when your equity has dropped below its market value.
Refinancing extends some extra cash to the homeowner to spend on his most pressing needs. It also offers a vehicle to help recover the equity on the value of your home. Said another way, refinancing helps to raise the equity on your home. So, whether you want to consolidate your debts, buy new equipment, pay school fees or remodel your home, home equity loans would be your most likely option.
However if your desire is to improve your cash flow situation during the next ten years, you might want to look at credit lines. A credit line is a loan offered on a prime rate of interest. It usually comes with some conditions, but is mostly available whenever you may need it. Most providers of credit lines do their own checks when the borrower applies for a credit line facility.
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