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HELOC Repayment Period About to Hit For Many
Posted on 6/1/15 at 1:32 pm
Posted on 6/1/15 at 1:32 pm
2
Posted on 6/1/15 at 1:43 pm to anc
I'm looking to buy a nicer home in about 2 years. Can't wait for these retards to deflate the market for me when they all start selling
Posted on 6/1/15 at 2:57 pm to anc
That is a horrible article filled with bad information. After 12 years in the mortgage industry one thing I know Is the media doesn't know its head from its arse when talking about mortgages. HELOCS can be termed out after the interest only period and they are set on 15yr ams with fixed interest rates. I haven't seen a term HELOC (where the balance is due after a number of years)in about 7 years.
Posted on 6/1/15 at 3:01 pm to hawkeye007
quote:
I haven't seen a term HELOC (where the balance is due after a number of years)in about 7 years.
The article specifically says they are looking at HELOCs from '05 to '07 - eight to ten years ago. Its quite possible that its wrong though. Just saw it and thought it was interesting.
I'll defer to you as the expert in this arena though.
Posted on 6/1/15 at 3:05 pm to hawkeye007
Yeah I got curious and called the bank that has my HELOC and they said mine didn't have a term. It has a $0 balance anyway.
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