Is a home equity loan considered revolving credit?

Answer A home equity loan does not meet the definition of revolving credit. With revolving credit, you would make minimum payments that vary depending on your account balance; this is usually a credit car... Read More »

Top Q&A For: Is a home equity loan considered revolving credit

Can i use a home equity revolving line of credit to buy a car?

It is possible to use a home equity revolving line of credit (HELOC) to buy a car only if there is a balance on the HELOC. A HELOC s a variable-rate loan that is an interest-only payment in the ear... Read More »

What is the difference between a home equity loan&a home equity line of credit?

Home equity loans and home equity lines of credit are two ways to borrow against the value of your home. Though they both use your home as collateral, they differ in a number of ways.Accessing Fund... Read More »

Is a FICA Score Considered When Applying for a Home Equity Loan?

There are two separate acronyms, FICA and FICO, that are often confused. FICA stands for Federal Insurance Contribution Act, and it has nothing to do with lending. FICO stands for Fair, Isaac and C... Read More »

Is a home equity loan considered a second home loan?

A home equity loan is a secondary mortgage against the equity in your home. The terms of the loan, such as the interest rate and the length of the loan, are normally different from your primary hom... Read More »