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August 10, 2007
"HELOC" advice?
I'm looking for some advice about getting a Home Equity Line of Credit -- first, does anyone have a recommendation for a bank or broker? Next, how does this sort of thing work -- ideally I'd like to use the line of credit to fund sundry projects all over the house that I'm either DIY-ing or managing myself. Does the bank just write me a check whenever I ask for funds, or do I have to document how I'm using the money with plans and/or a licensed contractor?
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Eugene T Lee
Apple Mortgage Corp.
19 West 44th Street, Suite 1514
New York, NY 10036
(212) 221-6666 X118
elee@applemortgagecorp.com
Basically it is an open line of credit. What you draw on is what you are billed on each month. Watch out ones with low stating % that may jump up quickly (like an ARM). We used ours in 2004-05 to pay off all the credit card debt from our home reno and some other basic expenses. BUT, since interest rates started to move up, re refinanced the old mortgage and HELOC into a new higher (but lower rate) mortgage.
If you call Gene, tell him the folks from LIB sent you. Good luck.
Posted by: Action Jackson at August 10, 2007 3:05 PM
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