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re: Getting married. Home equity line of credit question
Posted on 11/4/15 at 1:31 pm to TechDawg2007
Posted on 11/4/15 at 1:31 pm to TechDawg2007
the answer is yes.. you have to look at a HELOC as a low interest credit card. the rate will be an adjustable rate. the good thing is prime hasn't moved much over the last 5 years. Make a plan to pay the HELOC off in 2-3 years. HELOC's only work if you pay them off. I see way to many customers who take out a HELOC then just pay min payments forever on the HELOC.
Posted on 11/4/15 at 2:13 pm to hawkeye007
quote:
you have to look at a HELOC as a low interest credit card. the rate will be an adjustable rate
This is essentially correct, and it is reported as revolving debt too just like a credit card. The only thing to be wary of is that the house is collateral. For this reason I always suggest keeping open an unused credit card with a high limit. Obviously you don't want to ever have to tap it, but it's an alternative to losing the house in a bad situation.
quote:
I see way to many customers who take out a HELOC then just pay min payments forever on the HELOC.
If the rate is low enough and they itemize on taxes, this isn't terrible.
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