we have had a HELOC available on our current residence since we moved in back in 2002. it's a relatively inexpensive way to give you some short termn (or long term if needed) liquidity.
This appears to be an issue with many banks right now.
wow, had no idea...
Better be one nice first drive cause my wife would KILL me before drive number two.
True, in addition you can write off the interest depending on your financial situation.
our current WF Heloc is Prime + 90bps...fookers
Not looking for cash now. This is just in case we ever needed some fast. Have too much now which is why we're paying off the mortgage.
a lot of folks would love to have the "too much cash" problem! in that case though, yeah, the HELOC would have been an ideal solution.
www.cjfcu.org
You could do so for the business if you do not currently have one, of course that is assuming you own a business by your handle. Be prepared to hand over more information than you can imagine. Generally the rule of thumb for small business on convention lines are a max of 20% of top end revenue. If you are in an inflated industry during COVID those numbers will most likely be smaller unless you have some solid justification.
Not trying to make this more complicated than it needs to be. I figured since our house is 90% paid off, getting a line of credit against it "should" be easy. Current mortgage is with Penfed. Will try to work it out with them.
Had some bonds and cd's mature. Nowhere to safely put money that will get you any return these days.
This works best through your broker. If you farm this out to a third party the reporting becomes a nightmare and it gets expensive. LTV usually maxes at 50% of eligible securities.
