More information of Home Equity Loan
The U.S. Bank home equity loan differs from regular mortgages in that you can do whatever you want with the money, rather than having to put it toward the purchase or construction of a home.
With it you can get up to $750,000, although this limit will depend on the value of the property you use as collateral. You have a term of between 10 and 15 years to repay the money, the shorter the period you choose the less interest you will pay in total.
The U.S. Bank home equity loan has no origination fee and no prepayment penalty if you pay it back after the third year. If you pay money back before the third year, you will pay a 1% fee with a maximum of $500, unless you have paid a 1% origination fee to avoid it.
As we have already mentioned, the money can be used for whatever you want, although the most common for this type of loan is to use it for major home improvements and rehabilitations or to consolidate debts with higher interest rates, such as credit cards or quick loans, thus reducing the amount of interest and grouping all payments into a single monthly payment.
Español: Préstamo con garantía hipotecaria de U.S. Bank