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If you’re paying high rates on a number of large credit card balances or other loans, you can significantly reduce your monthly outgoings by zeroing them with a HELOC. That can be a good idea if you’re financially strong again after some problems, but it also has drawbacks.
Each lender is different, so it is often a good idea to apply to several banks, credit unions and online before choosing the best offer. During the years preceding the real estate market collapse of 2008, lenders were quite lax in their HELOC underwriting requirements, often allowing home owners to borrow as much as 100% of the equity in their.
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But is tapping into those savings a good idea? Let’s take a look. However, if you need to borrow for longer than a year, consider a home equity line of credit (HELOC) instead, even if the interest.
Many people strive to pay off all their debt before retirement. This is a good goal, but there are some types of borrowing that can make sense even once you are retired. A home equity line of credit often referred to as a HELOC (pronounced "he-lock"), is one type of debt you might want to consider using, even if you are retired.
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A home equity line of credit (HELOC) is not necessarily a bad source of funding. Of course it is a loan which must be repaid. I think that potential good uses of a HELOC would be a long-term purchase such as a well thought through home improvement (pools typically do not count).
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Another big no-no is paying off credit cards with money out of a HELOC. This is a bad idea because the CC was an unsecured debt (they can’t take away the junk you purchased if you don’t pay your CC bill) and you replace that with a secured debt.