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Line hard money credit – Fha230klenders – Hard Money Second Mortgages – faqeo.com – The biggest difference between a hard money second mortgage and a home equity line of credit is that you are getting cash or a check for the agreed upon loan amount. It is much more like a mortgage than a credit card, where you have a set payment each month, rather than a payment based upon how much you owe on a credit card each month.
Line Of Credit – LOC: A line of credit, abbreviated as LOC, is an arrangement between a financial institution , usually a bank, and a customer that establishes a maximum loan balance that the.
If your home equity is your biggest asset, you’re short on cash, and you don’t have any other viable way to get raise money you need for the expenses. a reasonable lump-sum monthly payment or line.
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