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Started By
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Heloc
Posted on 8/20/19 at 10:21 pm
Posted on 8/20/19 at 10:21 pm
Are these good loans?
4
Posted on 8/20/19 at 10:50 pm to beef42
That would probably depend almost entirely on what you are using it for
If it's to buy a new car then probably not
If it's for something more sensible like investments, paying down bad debt, or making upgrades to your property then probably so.
If it's to buy a new car then probably not
If it's for something more sensible like investments, paying down bad debt, or making upgrades to your property then probably so.
Posted on 8/20/19 at 11:02 pm to beef42
I used it as a bridge loan when I bought a house before I sold the old one. It worked out great as a short term loan type thing.
Posted on 8/21/19 at 8:30 am to statman34
quote:
I used it as a bridge loan when I bought a house before I sold the old one. It worked out great as a short term loan type thing.
ive been considering doing this and ultimately keeping current house as a rental. anybody done anything similar? would prefer not to alter the primary mortgage. my understanding is banks don't bother as long as it keeps getting paid. how realistic is this?
Posted on 8/21/19 at 10:00 am to lsujro
If you are paying your current mortgage/mortgages, no bank will care if you own more than one house. I have had situations in the past where I had 4 mortgages on two different houses and no one cared as long as they got paid. Getting a HELOC is easy, honestly.
Posted on 8/21/19 at 10:12 am to beef42
are you talking about a 2nd mortgage/home equity loan or HELOC?
HELOC is a line of credit. It isn't the same thing as a loan. It has a variable interest rate that can go up or down at any given time.
HELOC is a line of credit. It isn't the same thing as a loan. It has a variable interest rate that can go up or down at any given time.
Posted on 8/21/19 at 10:24 am to beef42
quote:I've considered that for a home reno i want to do but in addition to other posts, also be cognizant of the risk. I'm a risk averse person for the most part and don't like the idea that the bank can take my home if I lose my job and can't pay the HELOC back. I just don't like that lingering over my head so i'll likely go for a home improvement loan. It's usually a higher interest rate but the that outweighs the risk in my opinion over the life of the loan.
Are these good loans?
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