Interest rates are driven by the Federal Reserve, also known as The Fed, which is the central banking system of the United States. They set the Federal Funds Rate, which in simplest terms, is the rate at which depository institutions lend each other money.
A draw period is the period of time you can access funds available on a Home Equity Line of Credit. It can vary from bank to bank and even from product to product and is typically in a range of 10-25 years.
A question we are commonly asked by people looking to borrow with the ENB HomeLine is…what is Loan to Value Ratio? People notice the terminology in advertising disclosures and elsewhere, but often don’t know what it means. We explain in our latest blog.
In all reality, you could make an argument either way, but if using a Home Equity product to invest is something you would want to pursue, there are some things you need to understand before making a decision.
In our most recent online poll, we asked our customers: what is preventing you from applying for a Home Equity Loan or Line of Credit?
Do you feel like you are being bombarded with Home Equity advertisements from banks and credit unions you’ve never even heard of at every turn? While you may be tempted to apply for these offers, it may actually be more beneficial to consult with your banker where you have your banking relationship.
In our most recent online poll we asked, “Is it wise to use a home equity loan for general living expenses?” The majority of respondents said “no,” and we would agree. Using a home equity loan for general living expenses creates an opportunity for you to spend more than you earn.
This is a question we receive quite often at ENB. However, before we talk about how a home equity loan and home equity line of credit are different, it’s important to note how they are the same.
We all know that getting ready for vacation can be a stressful time. However, with a little preplanning you can have smooth sailing to your destination. We put together a list of our top travel tips and we hope they help to make your travel days less stressful.
There are two questions you should consider when making your list of possible home improvement projects. Do you plan to sell your home soon? And, do you mind if project does not increase the value of your home? If you answered yes to either of these questions, you might want to cross these projects off your list.
