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Questions tagged [heloc]

a type of home equity loan where the borrower is given a line of credit. They do not have to start out borrowing the full amount.

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10 votes
5 answers

Should I pay off HELOC or save?

I've heard the principle of "Pay yourself first", implying that saving some money each month should be a priority. However, I've also heard that being debt free is important, and it would be good not ...
Don's user avatar
  • 859
7 votes
3 answers

HELOC with no first mortgage (for liquidity--no plans to spend it)

For a home-owner with no debts, a good salary, credit score, etc.: What terms would be optimal for future liquidity when obtaining a home equity line of credit (HELOC)? The point is to obtain ...
NL - Apologize to Monica's user avatar
5 votes
2 answers

Should I pay off investment property mortgage

Just a little financial puzzle. Inputs: An investment mortgage with 5.5% interest rate, 100K balance and 20 years left. Saving account with 100K in the saving account at 0.5% HELOC without any ...
Vitalik's user avatar
  • 5,483
5 votes
3 answers

Use retirement to pay off debt: Should I cash in RRSP to repay Line of Credit?

The amount I have in RRSP savings is exactly equal to the amount I have in Home Equity Line of Credit debt (significant, but aside from home mortgage, my family has no other debt). I know if I ...
Nat_Rea's user avatar
  • 8,683
1 vote
1 answer

Is there a downside to doing a cash out refinance followed immediately by a rate and term refinance?

I want to do a cash out refinance on my primary residence to pay off a HELOC, and to put more money into an investment property. Cash out refinances have higher rates than rate and term refinances. Is ...
Eric's user avatar
  • 267