HELOC, home equity loans or nothing?

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I refinance my arm in one year (no cash back, but in the lock with a fixed interest rate) Should I do when I get a loan to wait (to improve your home and car)? My mortgage guy said ‘no’ that I now get the credit, and only with my new get-related death. But I wanted to get a loan and paid over 10 years. If I make the link in my death. I will pay for 30 years! He said the same thing anyway. and said something about “sumantics? What is my best bet? do it now or wait.

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2 Comments
  1. Reply
    Outta jail free, Collected $200
    May 19, 2011 at 8:17 am

    Don’t forget, a heloc is revolving and your payments typically go up.

    The heloc where i work is 15 years and you cannot repay it for at least 10years, the last 5 being the repay period of the princip/interest.

    Your mortgage guy also gets commission if you open a Heloc now.

    Some helocs do not even qualify to refi or roll into a combo loan for the first 5 years or if its is allowed and you attempt it you will pay a ‘termination fee’ as well as several months interest.

    Ask your mortgage guy which index they use and see if he will or someone else uses a lower one. We use LIBOR, which is around 8% but 11th District Cost of Funds is 4.392
    , add your margin to that (depending on your credit) and it can vary greatly as you see.

  2. Reply
    Jackson
    May 19, 2011 at 8:31 am

    I would look at getting the ARM refinanced now while rates are low if you can. As far as a Home Equity loan or HELOC goes the cheaper money would be to have it rolled into your new loan.

    A Home Equity Loan or HELOC is slightly more expensive as a second on your house than a first deed of trust.

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