Home Equity Fixed Loan
Advantages:
- Fixed payments
- Interest may be tax deductible
Disadvantages:
- Higher interest rates than on 1st mortgages
- Harder to refinance your first mortgage
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Imperfect Credit Programs
Advantages:
- Potential for reestablishing credit if you pay your mortgage on time.
- When used for debt consolidation, you may be able to reduce your monthly debt payment
Disadvantages:
- Higher rates
- Terms may not be as favorable
- Harder to get long term fixed loans
- Loans may have prepayment penalties
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No point, No fee Programs
Advantages:
- No closing costs
- Less money required to close
Disadvantages:
- Higher rates
- Higher payments
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