Posts Tagged ‘repayment loan’

Cash advance Debt: Comparing It To Other Debt

October 7th, 2016

Home fairness line of credit, or any other sort of loan that is secured by owing a piece of property or real real estate. A lien will be put on the property until the loan is paid off. This type of debt may come with an adjustable-rate mortgage loan (ARM) which will increase over time over a fixed-rate which stays the same for the life of the loan. Which has a home equity line of credit, which can even be considered a “second mortgage”, the lender is reimbursed only after the first home loan is paid in full. The typical repayment term on a home loan or line of credit is 15 or 30 years but there are 10 years ARM’s available as well. Auto Loan~ Incurring debts with an auto loan means borrowing an established amount for the purchase and then how to pay it back over a fixed amount of time with a regular monthly payment (usually 24-60 months). The interest rate will be fixed for the life span of the loan until the borrower decides to refinance for a lower monthly payment. » Read more: Cash advance Debt: Comparing It To Other Debt