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re: Wells Fargo suspends new HELOC loans
Posted on 12/5/23 at 3:03 pm to back9Tiger
Posted on 12/5/23 at 3:03 pm to back9Tiger
quote:
Explain this like I am 5 years old. I have an outstanding balance of a HELOC (renovations), but my home is paid off. What implications would that have.
I have been out of the business for a long time, but HELOC's can usually be cancelled by the lender at any time for any reason. That means your lender can decide they want out of the HELOC business and close yours. They minimum repayment of outstanding balance will be governed by your specific contract.
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