About Home Equity Loan Payments

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Home equity loan payments should be included in the monthly budget as a definable debt that needs to be paid on time. Work with a banker to determine the best time in your income cycle to receive home equity loan bills with tips from a registered financial consultant in this free video on home equity loans.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro talking about home equity loan payments. Once an individual receives a loan from a financial institution based on their home equity, the bank will generate a coupon to you or a basically a statement and when it arrives at a particular cycle of the month, make sure that you put it into your budget as a definable item and make sure that it is paid in a timely fashion because this mortgage debt and it's debt that is reported to the credit bureau and if you miss or you are late, a mortgage late will really count against you in the overall scheme of things. So it's very important that you be aware of this and try to work with your banker to make sure that your home equity loan payments occur in a convenient time of the month to your income cycle. If you get paid monthly, make sure that your home equity loan payments comes in a timely fashion that's around that pay cycle. If it's biweekly, then you get the idea, make sure it comes on appropriate time. This is Patrick Munro, financial adviser, talking about home equity loan payments.

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