Blogging on Home Equity Loans, Home Equity Line of Credit, and Home Mortgage

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What are the “continuing costs” on home equity lines of credit?

In addition to upfront closing costs, some lenders require you to pay continuing fees throughout the life of the loan. These may include an annual membership or participation fee, which is due whether or not you use the account, and/or a transaction fee,

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which is charged each time you borrow money. These fees add to the overall cost of the loan.