Here’s some advice you don’t hear every day. Contrary to what has always been suggested, some financial experts are telling HELOC borrowers to hold off on paying back their lines. Liz Pulliam Weston of the Los Angeles Times explains: “If you’re convinced you’re on track there and you don’t have any credit card debt, the [...] [...more]
If you’re one of the lucky few who can still qualify for a HELOC, congratulations on your good financial management. Take a minute to pat yourself on the back, and then get to work. Choosing a HELOC is no easy task. It may seem that most home equity lines are pretty much the same thing. [...] [...more]
Here’s an important reminder that could save you thousands: Always monitor your HELOC account, even if you’re not making any withdrawals. In recent years, HELOCs have become a major target for identity thieves. HELOC fraudsters have a scam that allows them to withdraw money from a homeowners HELOC without any notification going to the borrower. [...] [...more]
While most Americans are looking at their stock portfolios in horror, a few see today’s declining market as a prime time to invest. An increasingly-common question coming from these risk-takers is: should I use my HELOC money to purchase stocks? It’s true that HELOCs and traditional home equity loans are now offered with extremely low [...] [...more]
If you take out a HELOC on your property, be aware that you may not be able to leverage your equity for additional loans. Naples Daily News reports: “The Small Business Administration (SBA) is alive and well. However, participating banks are returning to the basic tried and proven underwriting standards of an earlier generation. Startup [...] [...more]
When you sign your HELOC contract, you make a lot of promises to your lender. But, don’t forget that your lender has some obligations to you as well. Before putting your name on the dotted line, be sure to read all paperwork thoroughly. Your lender must also meet requirements included in the Federal Truth in [...] [...more]
Not all home equity lines of credit are created equal. If you don’t choose carefully, you could end up paying unnecessary fees or being charged a huge markup. This article shows you how to watch out for common lender “tricks” and negotiate the best HELOC rates and terms. See: How to Negotiate the Best Home [...] [...more]
Is your home equity line of credit at risk for a line reduction or freeze? There’s a lot of factors that may come into play (your lender, your location, etc), but banks do have to meet legal obligations before taking away anyones home equity line. The Street recently published an article explaining the biggest risk [...] [...more]
Even if you’ve never taken out a home equity line of credit, you may be vulnerable to HELOC fraud. There’s been a recent increase in the number of unauthorized home equity lines. With enough personal information, a criminal may be able to open a line of credit in your name and withdraw the funds without [...] [...more]
In past years, I’ve argued that a home equity line of credit is generally a smarter choice than a home equity loan. Lines of credit allow borrowers to withdraw money only when they need it and pay interest only when the money is withdrawn. Pay down the line and stop paying interest. However, now that [...] [...more]
