Thread: Home and Auto Home Equity loans
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Old 07-21-2017, 10:22 AM   #18
Hog's Gone Fishin Hog's Gone Fishin is offline
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Join Date: Nov 2001
Casino cash: $-1509523
Great advice in here. DEFINITELY go with a Line of Credit(HELOC) instead of a fixed loan. One point I didn't see mentioned is that with a HELOC you are only obligated to pay the interest each month but are allowed to pay as much as you desire on the principal.
I keep a Line of credit against one of my rental properties available so I always have funds available. I just have to renew it yearly but doesn't require any appraisal. I personally won't borrow money against my Home residence. I got it paid off last year and now nobody can take it away if for some reason I was to lose everything else.
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