If you find yourself facing a difficult life change, you may be considering approaching a lender for a home equity line of credit (HELOC) or a home equity loan. Before you approach your mortgage company, however, there are some things you should consider. In today’s financial blog post, we are going to look at some good (and bad) reasons to obtain a HELOC or equity line.
In a previous article, we discussed what a home equity line of credit (HELOC) was and the difference between a HELOC and a home equity loan. Today we are going to look at some reason that you should consider such a financial pursuit, as well as reasons that you definitely should not. We will also talk about some of the benefits of a HELOC and some of the negatives too.