A home equity line of credit (HELOC) is just that – a line of credit. Think of a HELOC like you would a credit card: You use it to make purchases, and then pay for those purchases later. Unlike a credit card, which is unsecured debt, a home equity line of credit is secured because it’s backed by an asset with value: your house.
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A home equity line of credit, also called a "HELOC" (HEE-lock), is a second mortgage that gives you access to a pool of cash, usually up to about 85% of your home’s value less the balance. However, just because a lot of people are doing something doesn’t necessarily mean that it’s a good idea. There are a few things you should.
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After doing online research, getting tons of good advice from here, speaking with 3 mortgage brokers, 2 lenders, and 1 financial advisor, we have decided to move forward with the HELOC. We did find some good investment products that I was pleasantly surprised by, but in the end the LOC just made the most sense. I will keep everyone updated as.
So before you get a cash-out refinance, home equity loan or home equity line of credit (HELOC), think about how you plan to use the money. Here are five common ways to spend home equity money.
Q: Stocks generally return 9%-10% per year over the long run, and I can get a home equity line of credit (HELOC) with 5% interest. Doesn’t this make it a good idea to borrow money to invest in.
It’s no longer equity when you use it to secure a loan. Your loan amount is subtracted from the home equity you’ve built. Home equity loans may not be a good fit for those who don’t want to tie up their equity for a five- to 15-year term or want the option to take out money multiple times like you can with a home equity line of credit.
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The real question, though, is whether doing this would be a good idea. How HELOCs Work A HELOC is what you get when you put a credit card and a mortgage in a blender and mix them together.