Discuss the two ways financial institutions might define equity to set credit limits. What happens if you default on a home equity loan?
Answer to relevant QuestionsHow are interest rates calculated for home equity loans? Why do borrowers prefer home equity loans to other loans? Explain how collateral works. Do all loans have collateral? What is the relationship between collateral and interest rates? What if Beth had made the same loan as an add-on interest loan? How would her payments differ? Why is there a difference? Based on the information on finance payments that you retrieved from the loan payment Web site, advise the Sampsons on the best loan maturity for their needs. What are the costs of renting a home?
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