Home and Auto Home Equity loans

Hog's Gone Fishin · 07-21-2017, 10:22 AM

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.

07-21-2017, 10:22 AM	#18
Hog's Gone Fishin Fish are scared of me 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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