Calculators

Can the interest rate on my loan contract be changed?

You may be able to change your interest rate if your contract is set up that way. The best way to find this out is to talk to a professional to see if the change is valid.

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

While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against where your home is used as collateral.

What is a home equity line of credit?

A home equity line of credit is a form of revolving credit in which your home is used as collateral.

Why is credit important?

If you are looking for a loan, credit card, or low interest rates, having good credit will increase your chances of getting one of these. If you have credit problems, it may be hard to acquire a loan when you need it the most.

What is the difference between revolving loans and installment loans?

A revolving loan is one that is automatically renewed upon maturity. An installment loan is one that you pay at a certain specified rate. Example: Monthly, weekly, bi-weekly, annually.