Comments on: Home equity line of credit: Do you really want one?

By: florida home equity

florida home equity — Sat, 17 Apr 2010 16:02:33 +0000

For a longtime I thought that a HELOC, Home Equity Line of Credit and Second Mortgage were synonymous, but now I realize that there are distinct differences between the two. my new realization: both a HELOC and a Second Mortgage are both home equity loans, however with a second mortgage you receive a sum of money which you must repay over time. The second mortgage has a fixed steady rate that you pay over the duration. Now a HELOC is more wild and risky, in my opinion, because you are recieving a sum of money and only pay interest for about 5 years, this 5 year period is called the draw. After the draw period now you are hit with the burden to pay back…is this correct?

By: Heloc Refi

Heloc Refi — Sun, 24 May 2009 02:35:01 +0000

Using a heloc as an insurance policy for those rainy days is a great use, I just refinanced my heloc to get a larger limit. I love this product. Great article. Thanks

By: Steve

Steve — Tue, 12 May 2009 04:43:03 +0000

I'd like to be that person. Shame I don't think I'm qualified for it or have enough equity to do it.