HELOCs offer low initial rates and financial flexibility, but are more unpredictable than a standard home equity loan. So are they the right choice for you?
Interest rates, like summer temperatures, have been rising. Many expect them to continue to do so, after a long run of historically low rates. As a result, many borrowers are looking to convert their HELOCs to a traditional mortgage or other type of fixed-rate loan.
Is your HELOC nearing its 10th anniversary? If you're approaching the end of your draw period, you might be thinking about refinancing it to avoid a financial hit or maintain the financial flexibility it provides.
The average homeowner saw a $12,500 gain in home equity last year, providing a little more financial cushion to make paying for home renovation projects easier with a home equity line of credit, or HELOC.
Did you take out a home equity line of credit 10 years ago? If so, you're not alone. These loan products, better known as HELOCs, were popular in 2006 and 2007 as home values soared and homeowners looked to tap into their growing equity.
Few major decisions are a slam dunk. If they were, life would be a lot less complicated. But most of the time, you need to weigh the pros and cons before making a choice.
Life is all about taking the good with the bad. With a home equity line of credit (HELOC), just make sure that your home loan has more good than bad when you're comparing potential lenders.
A home equity line of credit (HELOC) has a number of strengths and advantages compared to other types of loans. Here's a short summary of some of the main ones.
Back in 2001 when banks were liberal with home equity loans and allowed up to 125 percent of a home's equity to be borrowed, Atlanta real estate agent Bruce Ailion got a home equity line of credit for $75,000 on his home.
Did you take out a home equity line of credit in the last eight or nine years? Then you better prepare for a higher monthly payment -- maybe one that is as much as two times higher than what you're paying today.
A great collection of our HELOC news articles that we have been publishing throughout the years. Use the links below to navigate to the article and information that you would like to read more about.
Borrowers with home equity lines of credit (HELOCs) will face a growing risk of default over the next several years, as the bills come due on millions of such loans.