by MortgageWizard | HELOC
Did you know that lenders often limit the debt on a home equity loan to 85% of the home’s value? This limit can hinder some homeowners. It makes choosing other options over Home Equity Line of Credit (HELOC) important. Other options might better meet your...
by MortgageWizard | HELOC
A homeowner can get a Home Equity Line of Credit (HELOC) with 15-20% equity in their home. This loan works like a credit card but without the high rates. It’s a great way to get funds for various needs.If you have enough equity, a HELOC is a good option for home...
by MortgageWizard | HELOC
Closing costs for home equity loans can be high, ranging from hundreds to thousands. These costs are just one of the cons to consider. There are more to think about.Home equity loans let you use your home’s value. But, there are big risks too. If you don’t pay,...
by MortgageWizard | HELOC
Did you know the wrong use of home equity loans caused the sub-prime mortgage crisis? Knowing what you can’t do with a home equity loan is critical. A home equity loan isn’t a quick fix for short-term financial needs that don’t help your home’s...
by MortgageWizard | HELOC
Did you know HELOCs let you draw funds for five to ten years? This helps homeowners fund needed projects. It’s why many people like HELOCs for borrowing money.A HELOC is a way to use your home’s value to get a loan. It uses the Prime Rate, posted daily in...
by MortgageWizard | HELOC
Did you know the draw period for a HELOC can be as long as 10 years? The whole HELOC term can stretch up to 30 years, combining draw and repayment times. It’s important for homeowners to get how HELOC repayments work, to use their credit smartly, and dodge...
