Crazy. Crazy. Now, what is she talking about? Use your equity, easy refinance. You’re eligible for a streamline program. No Appraisal. No Re-qualification. No Income Verification. No Out of Pocket Cost. I’m addressing this issue, for the folks that are in this boat.
No kidding. Using one of your most valuable assets as a piggy bank could be harmful to your future wallet.
Just because it sounds great and it’s your equity anyway or is it? Riddle? The bank owns the home clear up until your last payment. The equity varies with the market. Please be cautious when it comes to your home, your quiet place, your peace of mind. Once you ride the 100% line of credit on your home and now you have a bump in the road, well oh boy the stress would be unbearable.
Now that may never happen. It would be like a credit card that filled up over the years. Now your at 26% and getting nowhere. Guess what you’re not living in the credit card it’s only in your wallet.
Before you take out an equity line, just really take a second to look over all of your options. Seek out the help of a professional.
As always I’m here for all of your Real Estate needs.
HAPPY NEW YEAR!