So here's the context: I'm doing some renovation work on my house and since I don't have nearly enough savings, it seems like getting a HELOC might be a good way to get some cash at a reasonable rate. My LTV of my house is about 60%
Assuming I get approved for the HELOC, I'm worried that I won't know to watch out for during the transaction. I obviously don't want to blindly trust my loan officer because they have a serious conflict of interest in pushing me through the deal.
I'm wondering if anyone could share practical advice and even horror stories from their HELOCs (or even home equity loans) so I know what to be paying attention to. I'm hoping to learn from any mistakes that folks in the community here might have made.
Thank you!
Submitted December 20, 2021 at 10:27AM by RebeccaOwens https://ift.tt/3mmS8JT
