Interest-Only HELOCs Explained

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The post What Is a Home Equity Line of Credit? HELOCs Explained appeared first on Real If you’ve been looking for a way to get a little money out of your home without actually selling it, you’ve probably come across something called a Home Equity Line of Credit, or HELOC for short.

For example, Wells Fargo recently said it would only offer interest-only HELOCs to customers with at least $1mm in savings and other liquid assets, while other.

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HELOC stands for Home Equity Line of Credit. It is a secondary mortgage loan based on the equity that is in a person’s home. These loans offer high limits with low-interest rates because you are putting up your home as collateral. This type of loan is different from your primary mortgage in that you don’t get a lump sum payment.

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The interest only HELOC program, available for purchase or refinance is a Home Equity Line of Credit or HELOC available up to 90% of value, (80% on an investment property). Unlike the traditional HELOC , which is designed to work in addition to a traditional mortgage, the asset manager interest only HELOC replaces your mortgage.

Home Equity Line of Credit (HELOC) The interest only HELOC program, available for purchase or refinance is a Home Equity Line of Credit or HELOC available up to 90% of value, (80% on an investment property). Unlike the traditional HELOC , which is designed to work in addition to a traditional mortgage, the asset manager interest only HELOC replaces your mortgage.

Interest-only loans aren’t necessarily bad. But they’re often used for the wrong reasons. If you’ve got a sound strategy for alternative uses for the extra money (and a plan for getting rid of the debt), then they can work well. Choosing an interest-only loan for the sole purpose of buying a more expensive home is a risky approach.

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