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Forum » Misc HELOCbros weigh in (will rep)(advice me)
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Thread: Misc HELOCbros weigh in (will rep)(advice me)

post 1664080553 07-08-2022, 07:11 AM
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#1
  1. MrBourbon
  2. Some idiot
  1. MrBourbon
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Misc HELOCbros weigh in (will rep)(advice me)

The home value we received back from the 3rd parties AVM assessment came in at $642,000. The home’s loan to value supports the following offers:

Line amount of $200,000 at 4.50% (Prime - 0.25%)
Line amount of $150,000 at 4.75% (Prime + 0.00%)
Please note: we have no draw or balance requirements, so you can take advantage of a better APR/margin just by having access to the higher line amount.
Is there ANY reason not to take the higher line in this situation? Both have a $50/year maintenance fee.

I understand the bigger line would impact our credit rating as we have more credit available to us, but does that offset the added flexibility or lower rate?

No immediate plans to utilize the line, just locking in while home values are on the moon.

Gracias webóns.
Smooth Seas don't make Strong Sailors. Keep your head up.

MrWhiskey24 for jolly cooperation (PS)
post 1664080773 07-08-2022, 07:18 AM
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#2
  1. nothingshocking
  1. nothingshocking
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If you qualify for the higher loan with lower interest take it. I assume you understand that the fed increasing the fed rate will impact prime and your 4.5% will be 6 or 7% by the time they are done, so don't get yourself in trouble with overborrowing on your higher loan.
post 1664080903 07-08-2022, 07:22 AM
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  1. MrBourbon
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Originally Posted By nothingshocking⏩
If you qualify for the higher loan with lower interest take it. I assume you understand that the fed increasing the fed rate will impact prime and your 4.5% will be 6 or 7% by the time they are done, so don't get yourself in trouble with overborrowing on your higher loan.
Yes i understand how prime works, thanks boyo.
Smooth Seas don't make Strong Sailors. Keep your head up.

MrWhiskey24 for jolly cooperation (PS)
post 1664081463 07-08-2022, 07:34 AM
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#4
  1. HayZues Christi
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Will effect your debt to income ratio whether you use line or not.
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1664081883 07-08-2022, 07:46 AM
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#5
  1. MrBourbon
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Originally Posted By HayZues
Will effect your debt to income ratio whether you use line or not.
Doesn't make that big a difference though, correct?

We have a mortgage on our house but no other debt, own all vehicles outright etc, and no plans for other major purchases
Smooth Seas don't make Strong Sailors. Keep your head up.

MrWhiskey24 for jolly cooperation (PS)
post 1664082003 07-08-2022, 07:48 AM
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#6
  1. HayZues Christi
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Originally Posted By MrBourbon⏩
Doesn't make that big a difference though, correct?

We have a mortgage on our house but no other debt, own all vehicles outright etc, and no plans for other major purchases
Depends on your income and future borrowing needs

I'm not trying to talk you out of it, I have a LOC, though not a home equity one. Just passing on something that I know about them.
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1664082413 07-08-2022, 07:57 AM
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#7
  1. Nonsense916
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  1. Nonsense916
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You gonna put it in the stocks ?
Losers let it happen, winners make it happen.

Nonsense Army Crew.
post 1664082483 07-08-2022, 07:59 AM
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#8
  1. MrBourbon
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  1. MrBourbon
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Originally Posted By Nonsense916⏩
You gonna put it in the stocks ?
Putting it all on Black.
Smooth Seas don't make Strong Sailors. Keep your head up.

MrWhiskey24 for jolly cooperation (PS)
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