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re: Wells Fargo suspends new HELOC loans
Posted on 12/5/23 at 4:39 pm to back9Tiger
Posted on 12/5/23 at 4:39 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.
You’ll likely have to pay off the HELOC balance in one lump sum or they’ll take your house as payment
1
Posted on 12/5/23 at 5:11 pm to deltaland
HELOCs are typically adjustable at Prime + a margin..I have one that has no balance but would cost me 11.5% to draw on...had a teaser rate of 1% for 6 months when I used it
WFC probably seeing people draw on lines and becoming delinquent...was a huge issue in 2008-2010
WFC probably seeing people draw on lines and becoming delinquent...was a huge issue in 2008-2010
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