If your HELOC is scheduled to expire soon, think about renewing the line now. If you want to apply to renew the line, you may need months of preparation.

MarketWatch reports:

“If you have a home equity line of credit expiring in the next few months, don’t wait until the last minute. Wells Fargo recommends starting at least two to three months beforehand in order to deal with the paperwork. And with many lenders, depending on the length of your relationship, being proactive can get you pre-approved, so no nail biting when the line enters its last few days of existence.”

Planning ahead could save you from having to make a massive balloon payment or worrying about your emergency line becoming unavailable.

See Also:

An Unexpected Reason Not to Repay Your HELOC

HELOC Freeze Help

Tags | Heloc, heloc renewal, home equity line of credit