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.


  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
    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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