Is a HELOC against your primary home worth it??

Question

Seriously considering doing a HELOC against my primary resident or rental property, but having concerns about doing so.

Has anyone done it and has it worked out? What investment did you purchase using the money??

War stories of your experiences would help out greatly as we can always learn from details.

Have an awesome Thursday And Thanks in advance.

-Ben

Chris Mason · Answer

As a general rule, everyone sitting on a bunch of equity should have a HELOC. Payment on a $0 HELOC balance is $0, typically closing costs are $0 to $600, but should something (emergency or opportunity) come up, you can dump $100k into a checking account with 2 mouse clicks.

I say this as someone that doesn't offer, or get paid for doing, HELOCs.

Jacob Sampson · Answer

We definitely use a HELOC when needed. You have a bunch of capital available that costs you nothing until you use it, outside of the origination fee.

Kelly DeWinter · Answer

yes,yes and rental

Is a HELOC against your primary home worth it??

Is a HELOC against your primary home worth it??

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