Question: One difference between a home equity loan and a home equity line of credit is that the home equity loan usually: Has a fixed rate

One difference between a home equity loan and a home equity line of credit is that the home equity loan usually:
Has a fixed rate
Has a variable rate
Is considered a first mortgage
Typically has a lower interest rate

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Question 1 Martin uses $40,000 of his own funds and borrows additional funds through a margin lending facility to buy a total of $100,000 worth of shares. The value of Martin's total share portfolio...

Q:

How Much Morteage Will the Bank Approve? Backeround - Assume that you are a bank manager for a large bank in Oshawa. - Sam Smith, a new client of yours, is interested in obtaining a mortgage from...

Q:

If Chase files for Chapter 7 bankruptcy one year after he stops paying both the alimony and child support, which of the following statements is (are) correct? I Chase will have any unpaid alimony...

Q:

Debt Recycling Case Study You are a financial planner who is required to present a Statement of Advice to the following clients, Franca and Carlos Pound who are 58 years and 60 years respectively....

Q:

Tesla has recently announced a new version of solar shingles. These shingles are becoming increasingly competitive due to larger size (and therefore less labor for installation) and continuously...

Q:

Which of the following is correct regarding Autumn's expectation for the yield curve? Autumn expects the yield curve to be flat. Autumn expects the yield curve to be ascending. Autumn has not...

Q:

What would be Autumn's net worth if she writes a check for $5,000 to make her IRA contribution for the year? $752,000 $767,000 $762,000$757,000 AUTUMN BLAKE Financial Planning Case PERSONAL...

Q:

How much does Autumn have insured by the FDIC? $312,000 $15,000 $62,000 $0 AUTUMN BLAKE Financial Planning Case PERSONAL INFORMATION AND BACKGROUND After 12 years of marriage, Autumn's husband Chase...

Q:

Which of the following might prevent Chase from getting the wedding ring back? The implied agent authority The parol evidence rule makes the signed agreements final. The lack of compensation provided...

Q:

How much does Autumn have insured by the PBGC? $0 $47,000 $312,000 $62,000 AUTUMN BLAKE Financial Planning Case PERSONAL INFORMATION AND BACKGROUND After 12 years of marriage, Autumn's husband Chase...

Q:

Part of your responsibilities as a junior financial analyst is researching and identifying potential short-term liquid investment options for your firm. These investment vehicles are at times used by...

Q:

Assume that you, rather than Fletcher Anderson, were F&Cs COO in December 1992. What would you have done upon receiving the list of Warehouse Q inventory from Craig Schuster?

Q:

multiplying indexing Which one of the following indicates that a project is expected to create value for its owners? profitability index lef than 1 . 0 payback period greater than the requirement...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...