Answers
NO. ALL banks charge this type of fee.
Simple example of borrowing from equity to fuel consumption
How Mortgage Modification Affects Your Home Equity Line ...
If you are considering a mortgage modification and also have a home equity line , you need to know how it will affect that home equity line of credit. A line of credit is based on the market value of your home, in addition to how much equity you have in your home. A percentage of these figures is allowed to be used as a sort of credit card with your home as collateral. Since a modification changes the way your original loan works, it will affect a home equity line.
It May Decrease the Amount You Can BorrowA loan modification is sometimes used to adjust the value of the home, such as when a person is “upside down” in their mortgage and owes more than the home is actually worth in market value. If this is the case, a loan modification could lower the value of your home, which in turn, will lower the amount that is potentially available to your home equity line of credit. This is because the line of credit is based on a home’s value and the amount of equity you have in it.
...News
Your Home Improvement Loan OptionsMainStreet - Jan 19, 2011
Summit Federal Credit Union of New York, for instance, offers a 60-month home improvement loan at a 5.95% fixed APR; a home equity loan at the same rateWall Street Journal - Jan 15, 2011
New York TimesBeth and Sean Smith took out a home-equity line of credit this month to help finance the purchase of a 4000 square-foot, four-bedroom home in Indianapolis. JPMorgan Credit Swaps Climb After Bank Reports Results Rest on ReservesJPMorgan Chase's profit jumps 47 percent in 4Qall 953 news articles »
The Virginian-Pilot - Jan 22, 2011
The genre largely has been replaced in New York by the so-called "jukebox musicals" - shows made up of song medleys with no plot. Blessed with a varied and and more »
Zacks.com - Jan 21, 2011
Also, BofA has been conversing for a similar settlement with a group led by Pimco, the Federal Reserve Bank of New York and BlackRocks. and more »Gotham Gazette - Jan 18, 2011
Faced with this, families turned to debt, using credit cards and home equity borrowing to sustain their living standards. The crash of the financial and and more »
Wall Street Journal - Jan 07, 2011
(With a conventional loan, such as a home-equity line of credit, a borrower can tap into a home's equity but must make monthly repayments. and more »Mail Tribune - Jan 21, 2011
Bitter Harvest at Harry & DavidThe brand packed enough clout to put the Rogue Valley pear and gift company on hundreds of New York business executives' gift buying list every Christmas. and more »