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Draw Periods – Because funds for a home equity line of credit are not received in a one-time payout, borrowers must obtain funds by withdrawing from an account, or line of credit.
The result of the survey, which included Texas homeowners with home equity line of credit accounts, showed that most respondents are using their home equity lines of credit to make home improvements (35 percent) or to consolidate bills (22 percent).
A home equity line of credit allows the owner to draw on a line of credit based on the equity in their cooperative, condominium or single-family home, with the unit or property serving as collateral.
Regulation Z, which implements the Truth in Lending Act, requires creditors to provide the brochure, or a suitable substitute, to consumers when an application form is provided for a home equity line of credit.
22 /PRNewswire/ -- Fleet Financial Group's Banks throughout New England and New York today announced a home equity line of credit with a fixed-rate guarantee of only 5.
Installment Loan Skip-A-Payment - Customers in affected areas who need to apply to skip a payment on their AmSouth home equity line of credit should call 1-800-290-5358.
According to the 1988 Surveys of Consumer Attitudes, 31 percent of the families with a home equity line of credit obtained it in 1988, and 83 percent of families with accounts had opened them since 1986.
The special offers for consumers and small business customers in the affected areas, available for a limited time, include: --Skip-A-Payment - Customers with an AmSouth home equity line of credit or installment loan in an affected area may apply to skip their next payment with no extension fee by calling 1-800-AMSOUTH.