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beef42
LSU Fan
Thy
Member since Feb 2009
472 posts

Heloc
Are these good loans?


Powerman
LSU Fan
Corpus Christi TX
Member since Jan 2004
142408 posts

re: Heloc
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.


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30
statman34
Houston Astros Fan
Member since Feb 2011
1331 posts

re: Heloc
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.


lsujro
LSU Fan
BR
Member since Jul 2007
3189 posts

re: Heloc
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?


statman34
Houston Astros Fan
Member since Feb 2011
1331 posts

re: Heloc
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.


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notsince98
Missouri Fan
KC, MO
Member since Oct 2012
11520 posts

re: Heloc
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.


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11
cberni1
LSU Fan
Metry
Member since Jun 2012
427 posts

re: Heloc
quote:

Are these good loans?
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.


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