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Use this calculator to compare payment schedules for three BB&T home equity options: a fully amortizing loan, a 1.5% of outstanding balance line of credit and an interest only line of credit.
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Definitions
- Gross annual income
- Providing this enables us to estimate how much you will be able to borrow assuming a 28% debt-to-income ratio. Include the total of your gross annual wages and other income that can be used to qualify for this home equity loan or line of credit.
- Estimated property value
- This is the current appraised value of your home. If it has been a few years since you purchased your home, the value of your home may be worth more or less than your original purchase price.
- Origination fee
- This is a fee charged for processing your home equity loan application. Loan fees will increase the calculated Annual Percentage Rate (APR) for your loan or line.
- Term
- The number of years you wish to pay on your home equity loan or line of credit. The most common terms are 15 years and 30 years.
- Interest rate
- The annual percent of interest charged on your home equity loan or line of credit.
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