It does matter if the borrower has an excellent credit score and they are looking to take a loan against their property’s valuation to obtain a large sum of money. If you find yourself in a position that needs to borrow a substantial amount of money, a home equity loan is a fantastic option for you to opt for.
In the aforementioned example, the minimum interest-only payment is about $136. Once the repayment term starts, the monthly payment rises to $527. Over the entire 20-year HELOC term, youd pay $21,073 in interest and thats without any rate increases.
