Why should I get a HELOC?
"As a homeowner, a HELOC puts you in control. It does what you want it to do. You can use your HELOC to buy a boat, start a business, pay off bills...whatever you like."
-Mr. HELOC
- You don't have to refinance your 1st mortgage.
- You can borrow up to $100,000.
- Some HELOCs have no closing costs.
- You can access cash in just a few days.
- HELOCs don't require mortgage insurance.
HELOCs are usually tied to the Prime Rate so current rates are often very low. The terms are typically Interest Only (for a specified time), so the payments are usually low too. Many homeowners find that HELOC rates are considerably lower than the rates of the credit cards, personal loans and second mortgages that they are paying off. However, unlike credit cards and personal loans, the interest paid on a HELOC is often tax deductible (consult your tax advisor).
Other reasons to consider a HELOC are:
- Cash on demand- Simply write a check against the special account and a HELOC can provide money for emergencies or to meet other unanticipated needs.
- Unforeseen opportunities- How many times have you been in a situation where you came across a great opportunity but didn't have access to cash?
- Debt consolidation- You can use your HELOC to reduce multiple debts into one smaller monthly payment.
- Auto repair- A HELOC can pay your insurance deductible or finance mechanical services.
- Business Expenses- Business owners can use a HELOCs to purchase supplies, hire short term labor, or rent additional equipment.
- There are many, many more.
Click here...
to get a HELOC.
