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Home equity loans up to how many years?

under normal circumstances, housing mortgage loans for up to 30, depending on the lender depends on the age and age (≤ 70 age + term of the loan by the lender, the loan term ≤ 20 + age), housing the consumer loans can be 10 years.

according to the latest banking regulatory Bureau policy, loans for personal consumption the maximum loan period is 10 years, the maximum amount is 1 million.

Learn about mortgage after the loan term, we want to know the loan term is not longer good loans longer, the higher the interest rate, more interest on loans, so loans cannot blindly select the length of time, based on our own situation.

1, when bank loans, banks ' benchmark one-year interest rate is 6%, if interest rates rise again 20%, equivalent to the annual interest rate is 7.2%, 500,000 loans a year, interest is 36,000 a year. Because of the loan for a long time, the worker's wages were at least a month to 30,000 dollars.

2, if the private loans, monthly interest rate is 3%, two months after the words, the loan period is 2 months, 500,000 loan, interest or 30,000. Because of the civil loan company loan faster, two or three days to get money after purchasing the machine can be put into use.

while Bank lending rates low, but not is the most cost-effective loan; while the loan company's high interest rates, but it is not the most expensive. So, when the loan must be based on our own happens to choose a loan, and not the blind pursuit of low interest rates and pay extra interest.

 

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