I keep seeing HELOC mentioned and realize it's kind of like a credit card backed by your home's equity.
My use for one is similar to what I see posted a few times on here recently, it would be used to cover some costs before and while the house is on the market and I'm moving into the new one. Any money borrowed against it would be repaid at its source home's sale/closing.
My concerns / questions are:
- Is it pretty quick / simple to obtain? (great credit, house is worth about 150k, mortgage balance 90k, heloc ~30k needed)
- If I borrow against it, can it just be repaid / closed quickly? (Early cancellation fees / or are they long term accounts?)
- Would the house need an appraisal?
- Do they need to know what it's used for at the time of application?
I know it probably varies by lender, but in general I'm trying to wrap my head around common rules to see if its right for my situation.
Submitted June 26, 2017 at 10:53AM by nonskid40 http://ift.tt/2rTtMct
