Variable Rate – Home Equity Lines of Credit
This is a very versatile, variable line of credit which allows borrowers the freedom of using only the portion of the equity line they need when they need it. You pay $100 per month every $10,000 of credit line used. There is an initial 10 year draw period after which the available line closes and the borrower pays off the balance of the note in a lump sum or in installments based on currents rates and the amount owed.
