Jump to content

Effect of first line HELOC


CreditDiva
 Share

Recommended Posts

I have a very small mortgage balance about $50K, and prop is valued at around $340K..I thinking of using getting a first line HELOC to pay off the current mortgage amount, and 8K cash out for CC debt, while I shop around for a new home...will the HELOC kill my scores ? or should I really be looking at a conventional 30 yr fixed...I am planning to purchase a home in 6-12months and want to keep any closing costs low as possible

Link to comment
Share on other sites

Get a HELOC with a large limit (~$200k) and the $58k you are borrowing against it won't kill your utilization ratios. Or you can go with a 1st position Home Equity Loan, many of those come at low/no-cost as well. I wouldn't recommend you go with a conventional 1st mortgage because those, like you said, often come with the normal 3rd party costs.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.