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HELOC for home improvement?
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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HELOC for home improvement?
Has anyone done this? Can you please explain the benefits of this and how payments work?
we want to redo a kitchen and bathroom and are looking into refinance options. Thanks!
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Posted 8/22/13 9:20 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: HELOC for home improvement?
One benefit the interest is tax deductible. Another benefit you are only borrowing exactly how much you need.
You are borrowing against the equity in your home.
They approve you upto a certain amount and then you get a checkbook for the line.
Any time you use the checkbook you are borrowing from the line. You make monthly payments which most comprise of interest so it is best to pay more than the minimum payments.
Message edited 8/22/2013 10:16:27 AM.
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| Posted 8/22/13 10:15 AM |
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