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Camping Captain-the only downside that I have seen on equity loans is that the rates seem to be higher and some places charge to initially get the loan, ie. closing costs. I had looked into lines of credit but at the time my bank was quoting around 7.5% and I would have to pay for an appraisal and closing costs. That is why I joined a credit union.
You may have a better bank source, if you can get a good rate with no closing and no prepayment penalty-go for it!
Anne
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