Is getting a HELOC the best option?
I own a house worth $350k and it’s fully paid. I am self-employed earning $35k a year. I want to borrow against my home for a home renovation which would cost between $45k to $50k. I am 51 years old with a pension and good credit history. Is getting a HELOC the best option here? by sarahjv243 from Berry Creek, California. Aug 17th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
yes ... fyi - you might discover that some banks / lenders cant / wont offer a heloc on a free and clear home .....I would recommend contacting the bank you do business with for their options
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Reach out to your local Bank or Credit Union to see what they offer in the way of HELOCS. My advice is to see what the maximum you qualify for is and get that. Typically, rates on HELOCS are partly influenced by the size of your borrowing capability. I limit of $150,000 is likely to get you a better rate of $50,000. AND no one will force you to borrower more than you want/need. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.LoansA2z.com 480-889-9000 - OR - 480-695-9300.
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