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Paying off Your Home Equity Loan

Credit and Debt

Want to know the time it will take you to pay off a home equity loan or line of credit? It is largely driven by the interest rate being paid on your outstanding balance, how much you continue to use the line of credit, and what monthly payment is made each month.

Increasing monthly payments are an effective strategy for paying off the outstanding balance in a shorter time period. What will your payment strategy on your home equity loan or line of credit be?

 

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