Financial Help-Home Equity Lone-What is it?

jesse1111 · May 9, 2007

Just want to know exactly what one is, the kind of rates they carry and how to qualify. Thanks
=Jesse=

whalewager · May 9, 2007

the equity that you have built up in your home...

say u owe 100 000 on your home and the home is worth 180 000

you have 80 000 equity...u can take out a low interest loan on that 80 dimes...

whalewager · May 9, 2007

good way to consolidate all that credit card debt u have lone ranger

will.cover · May 9, 2007

A home equity loan (HEL) is where you get one lump payment at a fixed interest rate. A home equity line of credit (HELOC) is an adjustable rate mortgage and you only pay on what you borrow.

My advice to you is don't borrow against your house. If you don't have the money, save. Work an extra job. Make a budget. Give every dollar a name, but DO NOT borrow against your house.

The borrower is slave to the lender.

Don't do it.

WC

whalewager · May 9, 2007

i disagree

borrow everything u can....use other peoples money lone ranger..

just make sure you get an education and work hard so you can relax when you are 80 like me

will.cover · May 9, 2007

whalewagerer said:
good way to consolidate all that credit card debt u have lone ranger

No, it's not. He's simply robbing Peter to pay Paul.

He needs to change his lifestyle. By transferring the balances from his credit card to a HEL or HELOC, it will enable him to rack up more debt on his credit cards.

WC

jesse1111 · May 9, 2007

Easy there fellas, I have some credit card debt but nothing major. I recently bought a house and now get like 3 of these offers a week and just wanted to know what the hell they were and why I keep getting them all of a sudden.

mr21 · May 9, 2007

Currently have over $350K in equity and I'm thinking about opening a HELOC (around $100K) to start a business - good idea or bad?

whalewager · May 9, 2007

didnt say to rack up more credit card debt

buy u a nice dog with some o that equity loan...

you could even start you a dog breeding business...cock a poos or weimeraners or rotties or even a budgerigar business or a alpaca arm

endless fn possibilities...gl with your endeavors

will.cover · May 9, 2007

Bad idea. Why risk your house, which essentially a tax free investment? If you don't have the cash, don't do it.

Save. Work up a business plan. And when you do have the cash, then you can go about starting up your business.

I love this saying and it applies here, just substitute ... "the best type of vacation is the one that doesn't follow you home."

WC

whalewager · May 9, 2007

mr21 said:
Currently have over $350K in equity and I'm thinking about opening a HELOC (around $100K) to start a business - good idea or bad?

great idea...

fruit stands or chicken wings is the best right now

whalewager · May 9, 2007

will.cover said:
Bad idea. Why risk your house, which essentially a tax free investment? If you don't have the cash, don't do it.

Save. Work up a business plan. And when you do have the cash, then you can go about starting up your business.

I love this saying and it applies here, just substitute ... "the best type of vacation is the one that doesn't follow you home."

WC

you and i could have a beer but you couldnt be my inancial advisor

stay hocked to the hilt and save as much cash as possible

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