Secrets Your Mortgage Broker Will Not Tell You

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Don’t Let The HELOC Eat Your Home Equity

Source: https://www.kingsmortgage.com

Home equity line of credit (HELOC) is a second loan that uses your home as collateral once you have built up equity in the house. Many homeowners use HELOCs to finance home improvements and repairs. That is fine, as that is basically what it should be for. But many also use it for other purposes like buying a car, or paying credit card debts. This is not advisable. It is not like you are getting extra money. People who do this may regret it later on. They put great risk on their home equity. Don’t waste all the time it took you to build equity.