Re: Home Equity Line of Credit question..
07-24-2012 08:24 AM
A Heloc is usually an adjustable rate mortgage that will adjust to higher rates (short term money costs more than long term money). Have you considered taking out a cashout refinance (possible up to up to 80% of the value of the home if it is you primary) rather than a HELOC. With your husband's scores, you should be able to get a fixed rate between 3.5% - 4.125% rather than paying an adjustable rate on a HELOC. Plus the guidelines and overlays for a cashout refinance will be less stringent than a HELOC.