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Is a line of home equity credit (HELOC) accessible to everyone? Yes, but only if…

If  you need to finance less than 80% of the total value of your property,  you could have a portion of your mortgage in the form of a line of credit. The portion of your mortgage that comprises the line of credit cannot be greater than 65% of the value of your property. You have to be able to make payments equivalent to the qualifying rate for terms of less than 5 years. This rate is usually equivalent to the 5-year posted pate, which is usually 1.5%-2% higher than the rates offered by the banks. You will not have to pay this rate; it is simply the rate used to qualify you for a line of credit. In addition to these qualifying criteria, it is important that you have a solid plan in place for the use of your line of credit. Serious discipline is strongly recommended for the management of a line of credit because a lot of people decide to pay only the interest, or even worse, use their line of credit for extravagant consumer purchases.  Your mortgage is not an ATM, and a line of credit is for disciplined individuals who will profit from having flexible access to the liquidity in their home.

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RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

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