Mortgage vs HELOC Amortization I have a question about loan amortization. I’m getting a loan for some home remodeling. I have seen bad things happen with HELOC loans. But, those people also had bad financial discipline. My bank is offering two loans: home equity loan at 7.5%, 30 yr loan due in 20. The other is a HELOC at 4% for 6 months then prime -0.5%. Interest only for 10 …

Cash out refi, HELOC, or 0% CC? I’m retired in the US and living in London. My wife is pregnant and we are moving to West Bridgford outside of Nottingham where the cost of living is low and the quality of life is high. We’ll actually save roughly $100 month just from my pension money and her 52 weeks of paid maternity leave, but we intend to work also. I’m going to incur some …

Worth it to pay down a mortgage to remove PMI and acquire a HELOC? For context, my current loan balance is $485,000 and I pay 2.99%. To remove the PMI of $90/month, I would need to drop my loan balance to $435,000 ($50k towards principle.) Here is how I worked the math, and I would appreciate if anybody could shine some light as to why I should/shouldn’t do this. – Dropping the principle by $50k would reduce my…

HELOC or 2 separate loans I am looking for advice. My car was hit in a hit and run (wasn’t able to get the persons plate number). The car is possibly being considered totaled by my insurance company. It is a used car with a car note on it. The payout will most likely only cover the car note with nothing extra. I also need to take out a $15,000 personal loan. My question …

Is this an appropriate use of a HELOC? Hello! We are quickly outgrowing our house and could use more space – as well as an additional bathroom due to health conditions of a family member. We bought during Covid so have a great interest rate and it’s super affordable for our incomes. We’ve done a lot to the house over the last few years all in cash. We are thinking of using a HELOC (7…

Interest only HELOC $100 minimum payment “The payment will be interest only of the un-paid loan balance during the draw period or $100 whichever is greater” So this is saying $100 payment even when I have a $0 balance? Are these terms typical for an interest only HELOC? submitted by /u/PurpleNachos101

Is this allowed? (Heloc loan) Good morning everyone. Just had a quick question – Hopefully I can get some insight here from folks far more versed in this area than myself. House is sold and looking at the settlement page my ex spouse took out a 50k heloc loan, used the proceeds from the sale of the home to payoff and is now claiming that it is a part of equitable distributi…

HELOC or Cash Out Refinance My husband and I bought our current home in 2020, completing gutting the house and doing several major renovations. We currently owe about 60k on the house, with a 3.25% interest rate. Though the core of our house is in great shape, we would like to do a major addition – thinking at least 100k. We plan to be here for at least 15 more years. We…

Taking HELOC to Payoff Debt As the title suggests, my wife and I are trying to brainstorm creative options to paying off our bad debt. We have about 80k I’d like to consolidate and payoff and was weighing the options. One of which being a HELOC with the equity in our home. Anyone else done this or have thoughts? submitted by /u/ShakeandBake428

Two mortgages and a HELOC We were stupid. We took out a HELOC to put a down payment on a new house because no one was accepting a contingency to sell. We put our house on the market and thought it would sell quickly because it is a good house in a great neighborhood. After selling we would pay off the HELOC and other debt, so we thought we were making a great decision. I…

HELOC or personal loan to buy my mom’s car? Long story short, my mom needs me to buy her car so she can qualify for a state caretaker. Best loan option? ~$13K to buy the car. I own a mortgaged home I have some equity in (purchased $320K, $265K left w/2.875% rate). Looking at quotes online today for a personal loan, I’m a little taken aback by the rates (eg – 6.99% with a 3.99% origination…

HELOC refinancing advice My wife is a realtor (commission only) and I am a salary policeman. She had a pretty rough year for 2024. Her grandmother, with whom she was pretty close with passed away, and a handful of other inconveniences caused her to not want to work as much. She still managed to gross around 65K and my yearly salary is 70K. Before my law enforcement care…

HELOC? Home Imp Loan? I have a large 2 family home that I rent, and I’m staring at a huge cost of doing siding. The house has clapboard siding, that if I want done right to replace with vinyl will cost around $40,000 .. I don’t have this money, but the clapboards are getting so bad I have to do something. Do you all recommend a HELOC with these interest rates, or ins…

Take out HELOC to pay for unexpected home repair? Long story short, I went to turn on my boiler in my house for the winter and test it out and there was an issue with it. Called local HVAC company and it is shot so I am going to need to replace it. To completely replace it will be around 15 or 16,000. I can do financing through the HVAC company but I also thought about doing a HELOC. I bought t…

Inherited an estate with no money – House has a HELOC My uncle passed away, leaving $500k in cash to someone else(he kindly made her cosigner on all her accounts before he died). He left my mother and me his house (with a $130k HELOC), two cars, and some guitars, appointing a random lawyer as executor. The lawyer insists on selling the house due to the HELOC, though I’m already covering insurance, …

Can someone explain a HELOC like I’m 5? Long story short, too many one-time expenses are coming up. We’re looking into a HELOC to help float the budget a bit. for the ~$300k house, we’re about $60k equity into it, so ~20%. One of our expenses is a new roof due to storm damage. While the roof is off is a good time to have actual insulation added to our attic (we’ve got about 6-8″ and t…

How does heloc interest work for short term withdrawal? If I were to take out 10k for 15 days then pay it back, how is interest charged? I’ve seen people refer to them similar to credit cards, but my understanding is the interest is charged on the draw? I’m just unclear what the owed interest would be in keeping it out for 15,30,45, etc days submitted by /u/Competitive-Jelly709

Mortgage Refinance or HELOC? Ex wife and I separated four years ago. Divorce and custody litigation were a fortune. Spousal Support and Alimony payments are finally done. My attorney collected over $100k. I collected debt; an embarrassing amount of debt. 50K in high interest CC debt and a 100K HELOC. I bought my ex out of the marital home. I live in our daughter’s school di…

How to prove HELOC was used for home repairs? Hi Everyone, We’re in the process of purchasing our first home, we need to get some repairs on this home before moving in. I was reading online that if I take a HELOC on the home and if the amount is used on home repairs/improvements then the interest on the HELOC is tax deductible and we need to prove that the money was used on home repairs. My…

Where to get a HELOC? Does it matter? I plan to get a HELOC. Been a howeowner for nearly 30 years, have excellent credit, and have significant equity in my home. Never shopped for HELOC before. I live in So Cal if it matters. Are there any specific lenders that I should look at or avoid? Any downside with just doing it at a branch of a local bank? I realize these are basic questions…