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5 Must Ask Questions Before You Apply for a HELOC
Applying for a HELOC is serious decision that needs careful consideration of several things. You can’t just apply for a HELOC with no battle plan in mind and no real purpose for applying for this type of home loan. Here are 5 questions you must make sure to ask before you apply for a HELOC.
Are you aware of what makes HELOC different to a home equity loan?Both HELOC and a home equity loan allow you to tap your equity but you will be able to use more of your equity with a HELOC as compared to a home equity loan. A HELOC is also a revolving type of credit whilst a home equity loan is a one-time lump sum loan.
A HELOC would be a better option for you if you know that you will have multiple substantial expenses in the future. Another pro about getting a HELOC is that you will only pay interest on the amount that you’ve actually taken out.
Are you sure that you can pay it back?Getting a HELOC can seem like a quick hack to get access to funds but remember that a HELOC is a secured loan with your home as the collateral. If you fail to pay credit ... more

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