National City Equity Line of Credit
By uaezarb on
When we decided to do a huge remodel on our home, we opened up an Equity line of credit to pay for the things we needed.The bank we chose was National City. They have many local branches in our city and, we have an established relationship with this bank, so we felt comfortable opening the account. The first thing you have to remember when setting up an equity account is that the money you are borrowing is a loan against your home, just like your regular mortgage.So you don't want to borrow more than you can afford.That has gotten a lot of people in trouble recently with the housing downfall.There are a lot of homeowners today that now owe more on their homes than it is worth!So use the money wisely!
We are able to access the money with either a check or credit card that is tied to the account.This made it easy for us to buy the things we needed as we went along in the remodel. The rate can be either variable or fixed.There is a minimum monthly payment due every month and late fees and finance charges are charged as with any other credit account.
We have always liked doing business with National City, at least in our city; they have a small bank feel, where they care about the customer.
Glad you found a good bank to deal with on this!
Great info, especially in this day and how hard it is to get a loan!
It's amazing how much a smaller bank will do with you when you have established a relatioship with them. That's how I got a great loan for my car purchase too.
I LOVE those equity lines! Can't wait until we can get one on our "new" home:0) Good to remind people that it IS borrowing against their home though! This is defiantely a loan you don't want to go in default with!
I think it's important to work with a bank that you are familiar with and one you can trust. Great information!
wise words my friend. Too many people treat this type of loan as a way to buy goodies, not realizing the more they spend, the harder it might be to pay back. We had one years ago, used it wisely, then paid it off and closed it before temptation set in and we got into deep debt.
We have our mortgage with them, and they're a great institution.
We are actually looking into home equity loans, we are wanting to ad on to our home. Thanks!
Sounds like a great company to do business with.
National City sounds like a great business to deal with. Thanks for the helpful information.