Posted by Ed Garcia on January 14, 2000 at 11:23:15:
Troy,
A lot of your question, depends on the lender that you use. The reason being, even in this
business, lenders use certain terminology differently.
Refinancing to get an Equity Loan, as you have stated. Is a second mortgage.
In most cases when they give you this type of loan. You receive the proceeds, and payments
commence immediately.
An Equity Line of credit, is also usually based on a second mortgage, however you only have
to make the payments, as you utilize the funds. If you don’t borrow any money off of your line,
then you would not be making any payments.
Ed Garcia